The cryptocurrency boom has uplifted the lives of many, turning minimum wage workers into millionaires overnight. But that doesn’t mean everything is sunshine and rainbows within the crypto community. According to mental health experts, the rising popularity of cryptocurrency trading has created a new kind of addiction. Today, many people experience cryptocurrency trading addiction and treating it might not be that easy.
Why Cryptocurrency Trading Addiction Exists
It’s no mystery why crypto trading can become such an addictive hobby. The rush of investing your hard-earned money and seeing it rise in value, combined with the feeling of immense risk that you could lose it all. Many investors have admitted just how thrilling the rush of high-risk, high-reward crypto trading can be.
Why Cryptocurrency Trading Addiction Is Serious
According to mental health experts, cryptocurrency trading addiction is even more serious than other similar forms of addiction for several reasons. Unlike traditional stocks, cryptocurrency can be traded at any time. You don’t need to drive to the nearest casino or take a trip to Vegas to trade cryptocurrency. Worst of all, it’s easier to hide your cryptocurrency trading addiction from your friends and family, who might not know much about crypto.
The Official Classification of Cryptocurrency Trading Addiction
Research into cryptocurrency trading addiction is still ongoing. So far, it hasn’t been officially classified as a type of gambling addiction by the American Psychiatric Association. This is because most experts are still not confident that there is enough research and empirical evidence on cryptocurrency trading addiction to officially classify it. However, at its core, cryptocurrency trading addiction comes from the addiction to taking the risk, and this is something most addiction therapists are equipped to treat.
How Cryptocurrency Trading Addiction Impacts Others
Cryptocurrency trading addiction doesn’t just impact those experiencing it but the people around them as well. From family to friends and colleagues, each can be affected by seeing someone suffer from cryptocurrency addiction.
Cryptocurrency trading addiction can incredibly damage relationships, causing rifts between people, destroying trust and making communication almost impossible. Not to mention the financial strain that cryptocurrency trading addiction can put on families, creating economic uncertainty and domestic issues.
How To Support a Loved One with Cryptocurrency Trading Addiction
Suppose someone you care about is suffering from cryptocurrency trading addiction. In that case, you must act as a pillar of support for them and help them through this difficult time. If you don’t know how to do that, don’t worry. Here’s what you need to do to support the person you love.
Sometimes, all a person really needs is someone to lend a friendly ear, someone who can be there for them without judging them for their mistakes. Instead, try to listen to their problems with a sense of empathy and understanding, making them feel safe and supported.
Setting healthy boundaries is always important. Let them know you support them, but you won’t be an accomplice to their addiction. For example, make it clear that you won’t lie to cover for them and won’t lend them money they can buy cryptocurrency with.
- Reduce Triggers
Take the time to figure out what sets your loved one off. What drives them to start buying crypto again? Then, do what you can to remove these triggers from their environment to keep them safe from themselves. An example of this could be reducing their time spent on the internet or on their phones.
A Better Tomorrow
As new research on cryptocurrency trading addiction surfaces, we begin to understand the issue in a new light. Continue to educate yourself on addiction and other problems surrounding cryptocurrency for the sake of yourself and those around you. As always, trade carefully and understand what you’re getting into before you make an investment you might come to regret.