One of the things that make cryptocurrencies exciting for a lot of people is the thrill of doubling or even growing your money four folds in a short period of time. And consciously or unconsciously, this can be a bit addicting. Unfortunately, this rush for quick profits is usually the reason why scams are prevalent these days. Many are driven by greed to invest in the “next big thing”. Unfortunately, 1 out of 5 ICOs is said to be fraudulent.
The reality is that crypto trading can give you the adrenaline rush that you get when you go to the casino and win some cash. Recently, Castle Craig Hospital in Peebleshire now has created a course geared towards “crypto addicts”. The course discusses the underlying issues and how to live without Bitcoin and altcoins.
Experts say that trading digital currencies can develop a behavioral addiction. Considering the minute-by-minute fluctuations, it can be compared to online gambling.
The facility in West Linton already has programs for both drug and alcohol addiction. However, it was decided to establish its very first course in order to deal with crypto addiction by using some of the techniques that they used in their gambling addiction program.
Though there isn’t an exact number of people who are addicted to cryptos, Chris Burn who works as a gambling therapist at the facility mentioned that “the high risk, fluctuating cryptocurrency market appeals to the problem gambler”. He added that “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”.
Fluctuating Price And Suicide Trend
Just how much did Bitcoin grow and plummet over the last year? During the start of 2017, Bitcoin was just trading at around $1,000. But right before the end of the year, it was able to reach almost $20,000. However, after regulatory scrutiny, Bitcoin dropped below $8,000 and is now trading just around $7,200.
Considering the drastic ups and downs, it can be considered gambling for a lot of individuals. Warren Buffet even mentioned that Bitcoin is gambling and not an investment. There are even occurrences wherein people committed suicide after losing money on cryptocurrencies.
A Bitcoin millionaire from Russia, blogger Pavel Nyashin, was also reported recently to have committed suicide after he was left penniless after an apparent robbery after making the mistake of flaunting his cash from crypto.
Future of Cryptocurrency Market
In reality, no one exactly knows what the current market is going to look like in the future. The crypto market is speculative. Last April, it seemed that the market was already recovering only to drop by the next month.
There are crypto leaders such as Tom Lee who believes that it is a necessity to have regulatory clarity before things look good for the entire crypto market. Could he actually be right considering the number of institutional investors that are getting ready to enter the market?
However, it is true that investing in cryptocurrency is a gamble. It is possible that there will be more facilities catering to crypto-related addiction in the near future considering its similarities to online gambling.