News JVTech Cryptos are wreaking havoc on trading junkies, here’s the proof
The explosion in the value of Bitcoin in recent years has convinced new followers to fully engage in the crypto ecosystem, however the practice is not without risks. The price volatility that characterizes cryptocurrencies has left many investors – experienced or not – on the straw. In an attempt to recover, the most daring always play bigger and it sometimes turns into an obsession.
The damage of the crypto winter on investors
The recent cryptocurrency crash of 2022 has taken its toll on several investors. As a reminder, the Bitcoin has seen its price drop from €56,000 to €15,500 in the space of a year, dragging the rest of the cryptos down with it. This unsurprising price movement for Bitcoin has had real repercussions for some investors.
This is the case of Don, an anonymous investor who told the BBC thathe could invest up to $200,000 a week. The trader reports in particular that his trades had become so obsessive that he could have “cold sweats before taking a long-haul flight”, because he could not access the Internet and therefore consult the evolution of his crypto investment. He says it got worse in the year 2022.
Another profile, Jane who started trading long before in 2014, explains that she could spend thousands or even hundreds of thousands of dollars as she went along. In both cases, this excessive dependence on cryptos has had direct consequences on those around them close. It is at this moment that These Crypto Trading Addicts Both Seek Help From Rehab Center.
Luxury centers to treat trading addicts
Indeed, there are many centers that claim to treat this addiction of a new kind. These luxury rehab centers offer benefits of up to $104,000 (approximately €96,000).
The Balance or Paracelsus Recovery are rehabilitation centers that offer their services to cure cryptocurrency addiction in generally exceptional settings – luxury villa, spa and other pleasures.
Therapy sessions cost several hundred dollars an hour and the treatment involves a full range of tests to subsequently define a personalized diet and activities such as Yoga to take your mind off things. For the smallest purses, count all the same €650 per hour for online therapy.
These luxury rehab centers were not born out of crypto addiction and also offer treatments for other addictions: narcotics, alcohol, eating disorders, and gambling addiction.
Anna Lembke, a professor of psychology at Stanford University, also believes that this new addiction is legitimate compared to others:
“The treatment of crypto trading addiction is similar to other addictions. It is a biopsychosocial disease so it requires this type of intervention: medication in some cases, individual psychotherapy and in group sessions, a change in habits and sometimes in the environment, as well as the implementation of substitution activities healthier. »
According to three drug treatment centers and two addiction clinics contacted by the BBC, “hundreds of requests” for care have been filed in the past two years.
Cryptos, a real addiction?
If at first glance the term addiction may seem excessive, for some, cryptocurrency has truly taken a destructive turn. Sentiments of “FOMO” or “FUD” usually go hand in hand with the cryptocurrency market and sometimes provokes excessive reactions from investors.
As a reminder, FOMO (fear of missing out) refers to a situation in which the person concerned is afraid of missing an opportunity that will not come again soon. This syndrome is firmly rooted in crypto culture since since its inception, Bitcoin has printed exceptional growth, leaving those who did not make the decision to invest when its price was lower on the sidelines. Thus, when many invest for convictions in terms of technological innovations, a large majority are getting into crypto in hopes of earning life-changing capital appreciation.
However, when FUD (Fear, uncertainty and doubt) hits, especially during crypto price declines, this fear of missing the opportunity disappears to leave room for a permanent doubt. When this market sentiment dominates, investors are tempted to sell their cryptocurrency at a loss.
Thus, depending on the positive or negative context of the market, some sometimes oscillate from one minute to another between these two extreme feelings due to the exacerbated volatility of a majority of cryptocurrencies. The associated symptoms can cause those concerned to see their behavior and their personality altered, more or less revealing signs of an addiction.
