A trading frenzy in digital currencies has been sparked by the epidemic and a turbulent cryptocurrency market. Luxury treatment facilities are already springing up all over the place, promising to treat “crypto addiction”. According to Anna Lembke, chief of the Stanford Addiction Medicine Dual Diagnosis Clinic and professor of psychiatry at Stanford University, the therapy for crypto addiction is identical to that for other addictions.
Crypto addiction could actually need medication
Since it is a biopsychosocial disease, a biopsychosocial intervention is necessary, which may include medication, individual and group counseling, modifying one’s surroundings and routines, or introducing healthy alternative activities according to the reports. But sometimes the price is not worth it according to her. She and other experts contend that it should be handled similarly to gambling
According to Lia Nower, head of the Centre for Gambling Studies at the Rutgers School of Social Work, “They are profiting off of desperate individuals.” The symptoms and course of treatment will be much the same whether one is addicted to gambling on sports, cryptocurrencies, or the lottery.
Managing withdrawal symptoms, which may include anxiety, anger, and sleeplessness, should be the first step in treating crypto addiction, Ms. Lembke added. “At least four weeks must pass without any cryptocurrency trading or watching in order for the brain’s reward circuits to be restored. With emotional support and confidence that they will soon pass, the withdrawal symptoms may be handled as they are often temporary.
How do you know you are addicted?
According to Aaron Sternlicht, who along with his wife, Lin, operates the New York-based Family Addiction Specialist, those addicted to cryptocurrency trading grow to depend on it more and more for elation and pleasure in their life.
He claims red flags include dishonesty, debt, difficulty unwinding or falling asleep, constant monitoring of cryptocurrency values, and trading at the expense of relationships, work possibilities, and educational opportunities.
Cryptocurrency addicts frequently require assistance in establishing boundaries, such as time limitations for trading and stop-loss limits, orders with instructions to cancel out a position when it hits a specific price, to protect investors from disproportionate losses.