It is generally understood that bitcoin and other cryptos can be addictive. Therefore, as with all chemicals that make many people addicted, excessive use can harm mental health.
For example, losing large sums of money seemingly suddenly and feeling helpless can inevitably increase stress levels and affect your self-esteem. Worse still, it can ruin your outlook on life.
People can turn to alternative addictive substances to deal with these difficulties. Thus begins a pattern that can lead to addiction, anxiety, depression, among other harmful things.
Rehab centers that treat bitcoin addiction are on the rise around the world, providing services for people suffering from crypto burnout and other related “diseases.”
Luxury Spanish Rehab Center for Bitcoin Addiction
On the Spanish island of Mallorca, a sprawling rehab clinic is rising among the growing number of establishments that offer treatment for crypto addiction.
According to a BBC report, this rehabilitation center called The Balance offers a four-week therapy to treat this type of “disease”.
The addiction to bitcoin and other cryptos is the impulsive drive to continue trading these types of digital assets despite the adverse health and financial effects.
Tens of thousands of dollars can be spent on a short stay at a luxury rehab center like The Balance. Image: The Balance/BBC
The nature of this type of addiction is behavioral. This means that a person develops an addiction to a set of actions that release dopamine in a manner similar to substance abuse or gambling addiction.
The Balance, founded in Zurich, presents itself as a “safe zone promoting health and fulfillment”.
The Swiss-based wellness clinic offers treatments for burnout, anxiety, depression, post-traumatic stress disorder and eating disorders, the BBC has revealed.
Image: MarketWatch/iStock
Not for small budgets
However, the procedure costs a proverbial arm and leg: north of $75,000. The price includes treatments such as full body massages, bike rides and yoga in a private villa with a designated chef and butler.
“Don,” who works for a company that processes central bank digital currency (CBDC) transactions, used to invest up to $200,000 a week in cryptocurrency trading.
In mid-2022, he experienced a “downward spiral” and chose to seek “refuge” in the luxurious Spanish treatment center where he said he was “weaned” from crypto, the BBC reported.
Due to the addictive nature of the markets, people are getting addicted to bitcoin trading. And in the absence of strict regulation, cryptocurrencies are very volatile, so when you win, you hit the so-called jackpot.
According to Zurich-based recovery center Paracelsus Recovery, these “huge gains” release large amounts of feel-good neurotransmitters in the brain, making cryptocurrencies addictive.
“Crypto trading looks legit, while gambling is seen more as potentially problematic,” said Jan Geber, CEO of Paracelsus.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
In other parts of the world, Diamond Rehabilitation, a wellness clinic established in Thailand and operating since 2019, has included bitcoin addiction treatment and rehabilitation services in its list of therapies.
Castle Craig Hospital, a detox clinic in Scotland that has been treating “high adrenaline” crypto traders since 2018, has offered therapies to more than 100 people with “dangerous” cryptocurrency issues.
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