According to therapists who treat individuals with gambling addiction, there has been a significant increase in people seeking help after dabbling in cryptocurrency trading. It is worth mentioning that cryptocurrency remains largely unregulated in the United Kingdom.
Due to the rapid fluctuations in the value of cryptocurrencies, a substantial amount of money might be added or lost within a short period. The FCA — Financial Conduct Authority views investing in crypto as a high-risk endeavor.
Trading Has Consumed My Life – Crypto Trader
During the pandemic lockdown, cryptocurrency grew in popularity and was promoted to be a means of achieving a luxurious lifestyle. One individual, who wants to remain anonymous, disclosed that cryptocurrency trading consumed his whole life.
The anonymous identity explained, “It had a more profound impact on me as I put a considerable amount of cash into it. Prior to this, I used to invest, but now I am gambling. I monitored the rise and fall of the coin with any cash I had available. I engaged in daily trading instead of holding onto it for an extended period.”
He also said, “I repeatedly invested and withdrew money – deposit, withdraw, deposit, withdraw, and so on- attempting to generate fast cash. However, I was always engrossed with my phone, continuously monitoring it, and detached from daily life.”
A Significant Increase In Recent Years
Tony Marini — a therapist specializing in helping individuals with gambling addiction at Scotland’s Castle Craig — a rehab center, reports that since 2016 he has seen roughly 200 individuals with cryptocurrency trading addictions, primarily young men.
There has been a significant increase in cases in recent years due to the increased online activity and isolation caused by the COVID-19 pandemic. “Over the past six years, I have conducted extensive research and spoken with many individuals who engage in crypto trading, and I have discovered that it leads them to the exact same places as gambling,” Marini stated.
The therapist added, “being alone, the stimulating thoughts about getting wealthy, purchasing big houses and luxury cars, and then the onset of depression. They have crossed the line into addiction and have become isolated from everyone else, lying to cover their tracks.”