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Young males trading bitcoin have begun to seek therapy for symptoms linked with problem gambling, according to gambling addiction advocates. Four or five males, most of them young, have reported a lack of control over their crypto trading in the last two years.
Now, is it possible to become hooked on cryptocurrency trading? Well, the concept is divisive, but it is certainly not out of the realm of possibility. That is especially in the lucrative addiction-treatment market which has been growing as gambling and related industries expand across the globe.
Crypto, of all things, has made its way to rehabilitation facilities. Services related to trading addiction now include a $90,000-per-week facility. If that seems to be too pricey there are also alternatives like the comparatively low-cost teletherapies.
A very small percentage of people who experiment with technologies like Bitcoin will ever run into issues. That might make taking addiction seriously a bit of a hassle. Moreover, the exact clinical terminology is also a still point of contention.
Special Scientific Attention
As niche as it may seem, addiction to crypto trading is getting quite a bit of attention from many activists and mental health specialists. A rising number of experts are looking into the world of cryptocurrencies. In their guidelines, they have marked them as a potential source of problems, like gambling but perhaps more devious in some ways.
Our brains have an insatiable need for money. The high from certain drugs and the joy of purchasing a lucrative piece of crypto are both governed by the same reward circuits. In fact, an extended variant of one cerebral receptor, dopamine receptor No. 4, has even been linked to a proclivity for financial risk-taking, according to studies.
To make it even worse, many established digital currencies have taken on the appearance of respectable investments, notwithstanding the lunacy that may exist in the realm of cryptocurrency. As such, many individuals can justify speculative wagers that are often nothing more than a gamble. Furthermore, crypto-trading takes place around the world, 24 hours a day, 7 days a week, and is accessible to lots of people through computers and even mobile devices.
“Excessive crypto trading and high-risk stock trading could be forms of gambling and lead to gambling disorder.”
– Lia Nower, director of the Center for Gambling Studies at Rutgers University –
It will be very interesting to see where all the studies and efforts to rationalize crypto lead. The sector is growing rapidly and any kind of checks and balances that make it safer for everyone will certainly be well-appreciated.
Author: Josh Andrews