Investors who spend an unusual amount of time and resources on Bitcoin trading may develop a condition known as cryptocurrency addiction.
Castle Craig in the United Kingdom has included this behavioural addiction under its intensive gambling rehabilitation programme.
In a statement, the hospital said this came after it received many inquiries from across the globe regarding treatment for cryptocurrency addiction.
Castle Craig Hospital gambling therapist Chris Burn said cryptocurrency users can get hooked by the volatile fluctuation of prices online which creates a “high” when they buy or trade a winning currency.
"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 and losses were made. It’s a classic bubble situation," he said, adding that like gambling addiction, it can be financially disastrous.
Castle Craig put up an online guide to cryptocurrency addiction for those who are worried about their cryptocurrency trading habit.
The guide includes ten questions which can measure one's addiction. Check out the questions below:
Answer ‘yes’ or ‘no’ to each of these 10 questions:
- Do I spend a lot of time thinking about different types of cryptocurrency?
- Am I spending large amounts on cryptocurrency?
- Have I tried to slow down or completely stop cryptocurrency trading – but not been able to?
- Do I become restless or irritable if I try to cut down my screen time related to cryptocurrency?
- Do I jump on the computer and start trading in cryptocurrency to escape from life’s problems or to try to elevate my mood?
- Do I carry on trading in cryptocurrency after losing money – to try to gain it back?
- Have I ever fibbed to other people about how much time or money I spend trading in cryptocurrency? Have I ever taken money unlawfully to fund my cryptocurrency addiction?
- Has my cryptocurrency trading habit had an effect on my relationships or my job?
- Do I try to get other people to lend me money when I have lost on investment?
If you have answered ‘yes’
- Just once – may be a problem – this one thing may be enough of a problem to need help.
- Three times – Addicted to cryptocurrency – your cryptocurrency trading habit probably feels out of control – think about getting help.
- Five or more times – Pathological cryptocurrency addict – your cryptocurrency trading habit is probably affecting every part of your life – seek help.
To check the online guide, click here.