Source - Castle Craig UK
Castle Craig is the new face of addiction to get its fix in cryptocurrency. If you are addicted to cryptocurrency and its trading - Scotland has a dedicated service for you.
Introduction
Castle Craig Hospital is a treatment center situated in Scotland approximately 35 kilometers from Edinburg which specializes in de-addiction and rehabilitation. It is a center that provides treatment for addiction to Bitcoin and cryptocurrency trading of cryptos such as Ethereum, Ripple & Litecoin.
The hospital’s website states that these addictions are being treated as forms of gambling addiction. It is said to be the world’s first crypto addiction clinic and therapist Anthony Marini at Castle Craig to be the first to identify a link or relationship between gambling and cryptocurrency addiction.
History
The hospital was founded in 1988 as a rehabilitation center for all types of addictions and has now also developed a niche for “crypto addiction”. The hospital also is world-renowned for treating depression, anxiety, trauma, relationship issues, and eating disorders.
The hospital was founded by Peter and Dr. Margaret Ann McCann with a vision to help individuals suffering from addiction at a time when it was relatively a new phenomenon. The hospital also has its branches in The Netherlands, Ireland, Sweden, and London.
The Abstinence-based Treatment
Abstinence in the field of addictions is a term used to describe the process of abstaining i.e. avoiding or not engaging in certain potentially addictive substances or behaviors. The first program specifically developed was focused on treating addiction and is known as ‘Alcoholics Anonymous (AA)’ to completely abstain from alcohol which was the keystone of this approach.
It is a 12-step program believed as a complete guide toward a new way of life - away from addiction. The premise of these 12 steps remains the same for most recovery programs that use this 12-step model.
The 12 steps and principles are as follows:
Honesty
Faith
Surrender
Soul Searching
Integrity
Acceptance
Humility
Willingness
Forgiveness
Maintenance
Making contact
Service
The experiences of Peter and Ann show that this approach has been the most effective in helping millions of people over the world recover. Similarly, ‘Narcotics Anonymous (NA)’ also uses a similar 12-step program.
Symptoms Observed in Cryptocurrency Users
Source - Newbium
Therapists at Castle Craig have observed a few symptoms in cryptocurrency users addicted to trading:
Muscle tension
Anxiety
Constantly checking the prices online - sometimes even middle of the night
Constant thinking about crypto trading
They have also identified factors that lead people to get addicted to cryptocurrency investing, a few are mentioned below:
Justifying the act of gambling as investing in cryptocurrency.
Crypto platforms have become easily accessible through smartphones recently which makes people susceptible to instant gratification by accessing global markets where prices are updated every few seconds.
Watching the fluctuations in the market get people fixated and compelled severely leading to addiction in some cases.
For some, fluctuation markets serve as a source of excitement, temporary relief from feelings of distress, loneliness, sadness, and escape from reality - stated Chris Burn, a gambling therapist at Castle Craig.
Being exposed to many experts in the field of cryptocurrency through social media platforms, people are getting more inclined towards crypto investment and trading that later leads to addictive behaviors.
Since some have the notion that crypto investing and trading can help them achieve huge financial gains, it also acts as a factor or reason to indulge in more behaviors regarding the same.
Research Findings
Source - Gud Story
A recent study by Hakansson & Karlsson (2020) on Suicide Attempt in Patients With Gambling Disorder - Associations With Comorbidity Including Substance Use Disorders concluded that almost 40% of gambling addicts had thought about suicide and 33% of them had attempted it. Read the study here.
Another finding by Mills & Nower (2019) concluded that cryptocurrency trading among regular gamblers shows symptoms of depression, anxiety, and concerning personal variables behaviors like sensation-seeking and impulsivity.
Other studies have found out that factors such as the illusion of control - applying strategies, skills, or rituals can guarantee or increase the possibility of winning; social learning and reinforcement, preoccupation, fear of missing out (FOMO), and reduced anticipated regret act as pull factors toward increased cryptocurrency trading/investment.
Endnote
As cryptocurrency investment and trading continue to expand, likely, cases of mental health issues and addictive behaviors induced by this process may increase in the coming years.
Written By - Umme-Aiman
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