Cryptotherapist reports a sharp increase in people seeking addiction help
A therapist at the Castle Craig clinic reported a sharp rise in cases of “crypto trading addiction”.
Tony Marini heads the Gambling, Gaming and Cryptocurrency Trading Therapy program at the Scotland-based clinic, where he has worked since 2013.
Marini told British television broadcaster ITV that he had treated approximately 200 people for crypto addiction since 2016. But the number of patients seeking help has increased sharply in recent years due to the health crisis.
The therapist said the health crisis exacerbated problems with crypto addiction by increasing the time people spent online and promoting isolation, especially among young men.
Investing turns to gambling
With the account of an anonymous crypto addict, he talked about the problem growing bigger as he spent more money buying digital coins. What began as an investment soon turned into out-and-out gambling.
“As it went on, it had more of an impact because I put a lot more money into it. I invested before, but then I gambled.”
He went on to say that day trading involved spending most of his free time looking at price charts. This obsession led to extended periods of time on the phone, causing him to disconnect from real life.
“So I put money in, take it out – in, out, in, out, trying to make a quick buck. But I was constantly on my phone, constantly looking at it, just detached from everyday life.”
Sharing insights from nearly six years of treating crypto addicts, Marni drew strong parallels between crypto trading and gambling, saying both lead “to exactly the same places.”
He added that the lure of making (easy) money and buying a fast car and a big house are also common features. But when the inevitable losses pile up, depression sets in, and the addict withdraws from his social network and becomes cut off.
“You know, they crossed that line into addiction and they isolate themselves from everybody.”
Debt.org said addicts often compulsively gamble again in an attempt to win back losses. This pattern of behavior is consistently responsible for triggering a downward spiral in debt.
A recent study found that one in twenty-five “moderate risk” gamblers sought help, and the proportion rose to one in five for those with a “gambling problem”, suggesting that cases of gambling addiction are under-reported.
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