Thousands of investors enjoyed the massive spike in bitcoin during 2017 and made a lot of money which gave them a high.
Cryptocurrency traders love to see them ride the profit wave and experience massive highs.
However, considering the massive fluctuation of bitcoin, there are also massive lows which can be devastating for some traders. A number of traders have developed an unhealthy obsession with constantly monitoring bitcoin as well as other cryptocurrencies and are bordering on a cryptocurrency addiction.
While cryptocurrencies are still relatively new and it is hard to get a proper number on the potential number of people who suffer from a bitcoin addiction, there is no doubt that there are traders out there who have addiction issues. Castle Craig Hospital in Scotland is looking ahead and preparing to deal with individuals who are battling a bitcoin addiction.
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The Scottish hospital is the first of its kind when it comes to treating cryptocurrency addiction. Located in a calm and sprawling campus, the hospital offers a program in which bitcoin addicts can come in to get treated.
In a statement, Christopher Burns, Castle Craig's creative writing coordinator and gambling therapist, 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 and losses were made. It's a classic bubble situation.
Crypto And Gambling Addictions Similar
People are familiar with gambling addiction and this is exactly what Burns equates bitcoin addiction. There have been several examples of people carrying out irrational acts such as selling their homes or vehicles just to buy bitcoin and make an investment. While some can put this down as a daring move, it also is a sign that a potential problem could be under the surface.
This is because the trading and dealing of cryptocurrencies can provide investors with a similar high such as gambling or sports betting. This has resulted in many investors being addicted to watching the fluctuations of crypto currencies and spending hours on end monitoring their particular cryptocurrency.
Castle Craig Hospital hopes to treat these addicts and wean them from their addiction to trading. The hospital is already experienced in treating addictions to alcohol and drugs. To help deal with bitcoin addiction though, the hospital has taken a number of snippets from treating gambling addicts.