Finally, there's help on the way for crypto degens.
A Bloomberg The report detailing 'crypto addicts' uncovers the stories of those who become engrossed in the relentless rise and fall of cryptocurrency values.
Dylan Kerr, a therapist based in Thailand, shared his insights, stating, 'It's much like sitting at a roulette table. It feels endless and demands everything from you. The moment you let your focus slip, you risk missing out on significant gains or facing huge losses.'
The nature of crypto investing can be particularly insidious due to its fresh and exciting aspect. While traditional Wall Street practices such as automated trading might seem stale, the dynamic and ever-evolving world of crypto offers tantalizing possibilities for wealth that conventional stocks simply can't match.
Moreover, the allure of the crypto market is magnified by its 24/7 availability, prompting some traders to acknowledge their addiction to the exhilarating pace of trading.
From the article:
[For mental health professionals], the compulsive nature of trading cryptocurrencies resembles that of compulsive online gambling. However, experts argue that crypto can be even more perilous. Many people mistakenly view crypto trading as a respectable investment, which complicates their understanding of its risks. Reports of crypto-related issues surged by 300% from 2018 to 2021.
As psychiatrist Thilo Beck observes, 'It’s the thrill that draws you in; you find yourself chasing that feeling. It’s almost like an addiction. These individuals are quite intelligent, yet they lose their ability to think clearly. Even though they grasp the statistical odds of reclaiming their losses are slim, they continue to hold onto a belief that they can turn things around. This desperate hope often leads them to wager or purchase even more.'
The escalating issue of crypto addiction is a genuine concern, mirroring the battles faced by those with drug or alcohol dependencies, with both physical and psychological effects being harmful and ongoing.
Healthcare practitioners are borrowing strategies from traditional addiction recovery frameworks. From the article:
[One psychiatrist] has adopted a 12-step program akin to that of Alcoholics Anonymous. His approach revolves around understanding what he terms the 'crypto curve’—the journey from 'highly satisfying' trading to dependency, ultimately leading to painful realizations that can induce feelings of loneliness, despair, and secondary addictions. Recovery involves self-exploration, mindfulness, moderating usage, seeking fulfilling alternatives, and rebuilding one’s daily routines and connections.
Anything can become addictive under the right circumstances, and it seems that the allure of cryptocurrency and the metaverse is igniting that spark in countless individuals.
Photo by Maria Teneva on Unsplash
Read related posts:
- Understanding your mind during crypto investments: Strategies for managing addiction to cryptocurrencies.
- Bored Ape Yacht Club joins forces with Coinbase to create an interactive trilogy of films.
- Welcome to the Metaverse Post
Disclaimer
In line with the Trust Project guidelines Please be aware that the information provided on this page is not to be construed as legal, tax, investment, financial, or any other form of advice. It's crucial to only invest what you can afford to lose and to seek independent financial guidance if you have any uncertainties. We recommend reviewing the issuer's or advertiser's terms and conditions, as well as the help and support sections. MetaversePost strives for accuracy and impartiality in its reporting, though market conditions can shift unpredictably.
