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There is general agreement that bitcoin and other cryptos can be addictive. Therefore, like all chemicals that make many people dependent, excessive use can harm mental health.
For example, losing big amounts of money in a seemingly sudden way and feeling powerless can inevitably increase stress levels and affect your self-esteem. Worse, it can destroy your perspective on life.
People can use other substances that create an addiction to deal with these difficulties. Thus begins a trend which may lead to dependence, anxiety, depression, among other harmful things.
Rehabilitation centers that deal with bitcoin dependence are on the rise worldwide, providing services to those with crypto exhaustion and other related "disease.”
Spanish Center for Luxurious Detox for Bitcoin Addiction.
On the Spanish island of Mallorca, a large rehabilitation clinic is added to the growing number of institutions offering treatment against cryptodependence.
According to a report by BBC, this rehab facility called The Balance offers a four-week therapy to treat this type of “disease.”
Reliance on Bitcoin and other crypto is the impulsive will to continue trading in these types of digital assets despite adverse health and financial impacts.
Tens of thousands of dollars can be spent on a short stay in a high-end detox facility like the rest. Picture: Equilibrium/BBC.
The nature of such dependency is behavioural. This means that a person develops an addiction to a set of actions that release dopamine in a way similar to addiction or gambling addiction.
The Libra, founded in Zurich, is a "safe zone for health and growth."
The well-being clinic based in Switzerland offers treatments for exhaustion, anxiety, depression, post-traumatic stress disorder and eating disorders, according to the BBC.
Photograph by MarketWatch/iStock.
Not For The Shallow-Pocketed
However, the intervention costs a proverbial arm and leg: north of $75,000. The price includes body massages, cycling and yoga at a private villa with a chef and butler.
"Donation," which works for a company that handles Central Bank Digital Currency (CBDC) transactions, used to invest up to $200,000 every week in cryptocurrency trading.
Halfway to 2022, he went through a "descending spiral" and chose to seek "refuge" in the luxurious Spanish treatment center where he said he was "weaned" from cryptography, bbc reported.
Because of the addictive nature of markets, people become addicted to bitcoin commerce. And with no strict regulations, cryptocurrencies are very volatile, so when you win, you hit the jackpot supposedly.
According to the Zurich-based recovery center Paracelsus Recovery, these ‘huge wins’ unleash large quantities of feel-good neurotransmitters in the brain, which makes cryptocurrencies addicting.
"The crypto trade looks legit, while the game is more spoken of as potentially problematic," Jan Geber, Managing Director of Paracelsus, said.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.comIn other parts of the globe, Diamond Rehabilitation, a wellness clinic established in Thailand and operating since 2019, has included bitcoin addiction rehab and treatment services to its list of therapies.
Castle Craig Hospital, a drug rehab clinic in Scotland that has been treating "high-adrenaline" crypto traders since 2018, has offered therapies to more than 100 people with "dangerous" cryptocurrency problems.
Screenshot of Bankless Times.
