The treatments of alcohol, drugs, sex, video-game and gambling addictions are big business. It was only a matter of time before cryptocurrency traders, who often sit at their trading desks for long hours at a time, attempting to reap fortunes, would need similar treatment. It has come in the form of the first major hospital available for addiction help.
Castle Craig, a well-regarded addiction treatment operation in Europe, will start to take in cryptocurrency traders. Its management did not say whether these people would come after traditional interventions or after they had identified themselves to be in need of treatment. Castle Craig will use many forms of treatment that have been around for years but that the facility may be able to use for a new breed of addicts.
The clinic’s management said:
Castle Craig, one of Europe’s leading addiction rehab clinics, has received requests to treat cryptocurrency addiction and is highlighting this area of concern. People addicted to online Bitcoin trading are able to join the intensive gambling programme at the 30 year-established alcohol, drug and gambling rehab clinic.
Treatment at Castle Craig residential rehab clinic involves intensive evidence-based therapies ranging from the 12 Steps, Cognitive Behavioural Therapy (CBT), trauma therapy and equine therapy among others.
The hallmarks of this kind of addiction are people who “compulsively” day trade the market. They are probably not any different from day traders in stocks, bonds and commodities. The primary difference would seem to be that cryptocurrencies are newer and more poorly understood. Perhaps that makes trading them riskier. Castle Craig claims that this trading creates a “high,” which also makes it no different from other forms of addiction.
The clinic got one expert to give his opinion on the treatment. Dr. Mark Griffiths, professor of Behavioural Addiction at Nottingham Trent University, said:
… the high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains & losses were made. It’s a classic bubble situation.
Castle Craig did not say how much the treatment will cost.