There’s alcohol, cigarettes, gambling, and all kinds of dangerous things out there that one can get addicted to. According to a string of therapists, crypto should be added to this list.
Therapists Are Dealing with a Lot of Crypto Patients
Therapists are commenting on the high number of digital currency investors they’re seeing now come into their offices for assistance. It appears their love of crypto has gone too far. They spend all day buying and selling digital assets and it appears to have taken over their lives in a negative way.
No doubt the crypto space has gone far in recent years. Bitcoin is trading so high when compared to when it first came out that many financial planners are now telling their clients to ensure at least small portions of their portfolios are devoted to bitcoin and crypto. In addition, many people no longer view bitcoin in a speculative light. Rather, they feel that BTC is a hedge tool that can potentially keep their wealth stable and strong during times of economic strife.
Countries like El Salvador have recently labeled bitcoin as legal tender, meaning they can go into any business and purchase goods and services with the asset as they would with fiat. There are also several companies out there that are allowing bitcoin payments. The asset is much stronger today than it was ten years ago, but there is also a downside to the industry.
The crypto space has given rise to several bad actors that have sought to steal what they didn’t earn either through exchange takeovers or wallet thefts. It also looks like some people – men in particular – have become so addicted to the space that it’s hurting them mentally, as therapists have been noting.
One such therapist is Peter Klein. Working in London, he commented that he recently came across a patient that was trapped in a difficult marriage. Crypto became this person’s escape route, and eventually his days were spent in the basement of his home snorting cocaine and buying and selling cryptocurrencies like mad.
He has also commented that several of the crypto patients he’s been seeing experience great anxiety and mental anguish when the market turns bearish. He said:
Addition is all about those highs and lows.
The Problem Is Growing…
Ashley Loeb Blassingame – co-founder and chief people officer of the online substance use platform Lionrock – says that she has also seen an influx of patients dealing with crypto addiction. She said:
Crypto addiction functions the same way as almost any other addiction, and it’s closest to gambling in terms of you’re getting a dopamine hit every time you make a trade. It’s that thrill-seeking part of our brain… We have people seeking relief financially, emotionally, spiritually, and politically through cryptocurrency. It’s something new they can believe in and be a part of.