Google searches for ‘Crypto Rehab’ soar 300% this year as people grapple with addiction

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It is widely believed that the terminal online nature of crypto traders, fueled by the 24/7 environment of cryptocurrency markets, has created a host of new problems for those with addictive personalities. And in fact, according to data compiled by the dappGamble team, Google searches for the term “crypto rehab” have increased by 300% over the past year. Additionally, searches for “crypto trading addiction” increased by 100%, while “crypto therapy near me” increased by 72%.

An article by addiction therapy provider Family Addiction Specialist estimates that around 1% of all cryptocurrency traders will develop what is called a “pathological” addiction. Additionally, approximately 10% of all crypto traders will experience some form of trouble that transcends the emotional discomfort that accompanies financial loss.

Crypto addiction is a growing concern

The rise of crypto addiction can be seen directly in the number of rehab centers, which typically treat people with PTSD as well as drug and alcohol addictions, adding specialist services for crypto-trading disorders.

According to a February report from the BBC, a leading luxury rehab center called “The Balance” in Spain recently added a suite of services aimed specifically at treating crypto addiction.

The report revealed that one of the center’s clients, who used the pseudonym Don to protect his identity, contacted the establishment so he could wean himself off crypto after his trading behavior escalated to the point. where he was losing over US$200,000 in crypto trading. every week.

Signs of crypto addiction include waking up at odd hours to check prices.

Don’s treatment involved a four-week stay that included psychological therapy, massage, bike rides and yoga. But this kind of treatment isn’t exactly within the reach of the average person, as the standard bill for just one month’s treatment at the center is nearly US$75,000 (AUD$111,000).

According to Anna Lembke, professor of psychiatry at Stanford University and head of the Stanford Addiction Medicine Dual Diagnosis Clinic, while the phenomenon of crypto-addiction is still relatively new, “the treatment is similar to other addictions.”

“It is a biopsychosocial illness and therefore requires biopsychosocial intervention: medication in some cases, individual and group psychotherapy, modification of habits and the environment or the implementation of healthier alternative activities,” he explains. She.

It’s not just The Balance that has added crypto addiction services to its repertoire of treatments. In Scotland, Castle Craig Hospital has been treating crypto traders with problematic behaviors since 2018. They claim that they have now treated over 100 patients who exhibited dangerous behaviors related to cryptocurrency.

In emailed comments to The Chainsaw, Vlad Hategan, head of crypto at dappGambl, highlights the signs that someone may have a cryptocurrency addiction.

“One of the main signs of an addiction is the loss of self-control, when despite their efforts to fight the addiction, the victim is unable to stop.”

Vlad Hategan, head of crypto at dappGamble.

The clearest signs that someone is crossing the line of high interest and entering the realm of addiction occur if they “lie about how much money they lost,” they start “ skip his professional and family commitments for the trade”. ”, or they start spending money that is not theirs to invest in crypto.

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