Many crypto traders and investors get into crypto thinking that it is the modern El Dorado. However, the volatility and the high-stakes crypto market can soon lead to dysfunctional behaviour attributable to addiction.
If you have been going through heightened stress, anxiety, compulsive price checking, losing sleep and panic attacks, it is time to consider crypto therapy.
Are You Addicted to Crypto?
Crypto trading is very much like a gambling addiction at its worst, and many traders are negatively affected regardless of the performance of their portfolio. Cryptocurrency addiction surfaces in many ways including compulsive day trading, internet gambling, and high-risk crypto asset trading.
Some call it “falling down the rabbit hole,” others call it “The Itch.” The temptation to obsessively stare at price charts, follow predictions, and seek out the latest “unicorn” is almost irresistible.
Don’t think that you’re addicted to crypto? Try answering these questions honestly, as posed by the specialised crypto therapy rehab clinic Castle Craig:
- Do you spend too much time thinking about cryptocurrency?
- Are you spending large amounts of money on crypto?
- Do you feel irritable when you try to cut down screen time related to crypto?
- Do you carry on trading after losing, in the hope of recovering your losses?
- Have you had to lie about how much time or money you spend in crypto trading?
- Do you find yourself turning to crypto to escape problems in life or improve your mood?
- Have tried to stop crypto trading but have not been able to?
If you answer “Yes” three or more times, your behaviour is bordering on addiction. If that’s “Yes” to five or more questions, you need to seek crypto therapy or gambling addiction rehabilitation.
Can You Handle Crypto’s Emotional Rollercoaster
We all know the rush of seeing our crypto portfolio surge and multiply. Surges of 100% or more are not uncommon, fuelled by the volatility of crypto and strong price fluctuations. This increases the prospects of profiting in the crypto wild west, but it also increases the risk of losing it all.
Perhaps it is this rush, comparable to drugs like cocaine, that draws people in so quickly. The internet is rife with stories of people who started dabbling with small-time crypto trading before going in big.
Fortune tells a story of one Ballai, a 24-year-old who made it big then lost it all through crypto trading. A surge in price can make you rich, just as surely as a drop can destroy the fortunes of many.
The emotional rollercoaster associated with these ups and downs in the market—ranging from euphoria to depression—is a killer. The gambler is always chasing the high, to a point where it isn’t just about the money but the rush of making more money and bigger wins.
Even when you are making money on crypto trading, the anxiety of catching the next big trade can be brutal.
Seek Help to Deal With Crypto Addiction
Crypto addiction is just as bad as regular gambling, perhaps even worse. People have lost their houses, college funds, inheritance money, and even taken huge loans trying to recoup losses or make more money.
Lost relationships are common, suicides even more so. The fast-moving, dynamic nature of the crypto market makes it hard to process and understand the consequences of trading decisions you make.
You owe it to yourself and your loved ones to seek professional help the moment you suspect that your crypto trading habits are getting out of control. A professional can help you deal with your anxiety, depression, and the buildup of emotional stress that comes with the territory.
Most importantly, don’t be afraid to speak up. Lots more people are struggling with the same problem, and specialised therapists and counsellors are available to help you deal with cryptocurrency and gambling addiction.
If you are at the point where you are thinking of suicide, please take time to call Lifeline Australia or Reach Out Australia.