People who are addicted to trading cryptocurrencies are to be treated in UK’s first ‘crypto clinic’ in a Scottish hospital, the Evening Standard reported today, May 28th. The course of treatment for people addicted to trading cryptos has been made by Caste Craig Hospital in Peeblesshire, the Scottish Borders.
According to experts, crypto trading can become another form of behavioral addiction. This is mainly due to the fact that some traders seem to be neurotically glued to minute fluctuations in the market. The treatment program is not very different from the existing methods of treating those addicted to gambling.
According to Chris Burn, a gambling therapist based at Castle Craig Hospital, the high-risk fluctuating market is quite appealing to any problem gambler, since it somehow involves stimulation as well as get away from actuality. He asserts that a classic case in point is Bitcoin, where huge gains and losses were made, a clear example of a bubble position.
It is worth noting that a former gambling and cocaine addict, Tony Marini, who is spearheading some of the Centre’s treatments, is of the view that it is vital to introduce life structures. According to him, trading in cryptocurrency is simply a way of people trying to escape from reality, and into another world.
Marini believes that the initial stage of treatment is joining other addicts in group therapy, where they can share their individual life stories. This, he says, will go a long way in helping them to identify with each other and realize that they are not in this challenge all by themselves.
Castle Craig asserts that even though there are currently no figures for the number of ‘crypto addicts’, the number of people trading in the system all over the world is around 13 million. It was reported by Cointelegraph sometime last year that a Bitcoin investor used his home as security for an equity loan worth $325,000, hoping to make huge profits.
However, most crypto community members termed the move as a form of gambling, viewing it as an example of a high school teacher deciding to start making and selling crystal meth, largely as a change in life circumstances.
People in the UK are now debating on whether cryptocurrency trading should be regarded as gambling so as to help avoid taxes. This is because HMRC, the British tax authority, generally deems crypto profits as subject either to income or capital gains tax laws.