Not only empty-handed because of cryptocurrencies, hundreds of people are also hospitalized to cut off their addiction to trading

Because of the fast-paced nature of the market, cryptocurrency trading now feels like a punch of cocaine.

Over the past few years, the psychiatric clinic in the town of Peebles, Scotland has become a destination for a group of more than 100 special patients. They are “Investors“Cryptocurrency (crypto) has to come here to detox. Jake, a patient who does not give his real name, says he has lost millions of pounds simply because of his addiction to unstoppable transactions.

Jake first learned about and bought crypto in 2015. There was nothing to talk about, until a market move gave Jake a big win. He began to slide with transactions spiraling out of control.

“I can recall exactly when things became problematic. Before that, I made a big profit and was going to put it aside. But gradually I kept withdrawing that money. Up to a point, I was willing to risk all my last money in just one trade. It was the decisive trade that got me back quite a bit. It made me feel euphoric, one of the most euphoric feelings I’ve ever experienced in my lifei,” Jake recalls.

But what Jake didn’t know at the time – it was the euphoria of the last stretch that would lead him into a cycle of addiction.

When luck obviously doesn’t smile often, the money he gets back also slowly disappears. Jake let go of his socks once more and got the gauze off again. Then he was caught up in the vortex again, until one time he took everything from him.

Jake has no money left, but at the company he is entrusted with a fund. The excitement of removing the gauze at the last minute spurred him on. Jake embezzled all the money that was not his and threw them on the cryptocurrency exchange.

“That was the first and only time, that night I lost everything within 20 minutes. The market turned very quickly and I sold everything“, Jake recalls. “It was about 2 am. I went back to bed and had to snuggle up with my wife. She didn’t know what I just did.”

It didn’t take long for Jake’s company to find out that the fund he was managing was gone. Jake faces criminal charges for embezzlement. But with the help of his family, he was able to pay back a total of £1.5 million.

With a diagnosis of crypto addiction, he is temporarily exempt from criminal prosecution and is being treated in a mental hospital.

Cryptocurrencies are digital currencies that are not issued by a bank. You can trade and invest these currencies just like any other – and there are virtually no barriers to entry. The absence of regulations means that the cryptocurrency market can rally extremely quickly.

During the COVID-19 pandemic, the total value of all cryptocurrencies has increased from around 175 to over £1,750 billion. Figures from the UK’s financial watchdog show that hundreds of thousands of people in the country are holding digital currencies.

But since the beginning of May, after the market hit its all-time high, it has lost more than £1 billion in just a few weeks. With such a volatile market, when you win, you win big. And when you lose, you almost lose everything.

Dr. Tony Marini said he has treated more than 100 patients with crypto addiction in the past few years.

Along with the rise of cryptocurrencies, in the UK in recent years there has also been a special type of clinic to treat people addicted to trading this type of currency.

Dr. Tony Marini, a specialist at Castle Craig Hospital said he has treated more than 100 crypto addicts in all. More and more people are coming to Marini’s clinic with behavioral addiction symptoms similar to those of gambling addicts.

“Cryptocurrency trading now feels like a cocaine punch because of the fast-paced nature of the market“, he said. “You can trade 24/7, on your phone, laptop and even in the bedroom.”

It is the unique properties of cryptocurrency markets, such as ease of access, continuous operation and high volatility in a short time, that make people addicted to participating in them, Dr. Marini said. know. Some would end up in his trading career. They go to Marini for help.

He said: “There are many people who are trading cryptocurrencies to make money. And they’re telling everyone else they’re making a lot of money. But you wouldn’t know there are people who are losing money, and patients who have come to see me.”

Jen MaAdam, an IT worker also lost money because of the wave of crypto investments.

The nature of the cryptocurrency market is not the only cause of the problem. The technology behind cryptocurrencies is notoriously complex and if you’re not careful, you can easily find yourself investing in a scam.

When Jen McAdam’s father passed away a few years ago, she was still working in the information technology field. Jen has heard about cryptocurrencies that she thinks are a once-in-a-lifetime investment opportunity. Despite her expertise, Jen turned out to be trapped by a scam, the cryptocurrency she traded ended up being worthless.

Unfortunately, Jen invited her friends and relatives to participate. They trusted her and gave her money for trusting her. “All my friends and whole family have invested in it. All in all, our total loss so far is more than 250,000 euros,” Jen said. “I feel terrible guilt now. I’m embarrassed and feel sorry for everyone.

Through her story, Jen wants people to know the risks of investing in these assets, and warns those who don’t understand technology to stay away from it. “If you want to invest, but you don’t have any knowledge about it, you’re really just gambling.”, she said. “You are taking a very high level of risk.”

Cameron, a British freelance musician, considers himself lucky to be in the cryptocurrency market

While crypto loss stories may seem more common, there are some lucky ones in the market as well. Cameron, a British freelance musician, says that he is one of the few people who have no knowledge of cryptocurrencies, but are bummed.

During the COVID-19 pandemic, the continuous postponement of concerts made Cameron’s life extremely difficult. “All my sources of income have been cut off“, Cameron said. So in March of last year, seeing the growing cryptocurrency market, he decided to invest.

More than a year has passed since then, the economy is still struggling, but now Cameron has some savings thanks to the interest in the cryptocurrency market. “Last year turned out to be a really great year as these assets increased in value to the point where, at least in the short term, I wouldn’t have to worry about finances anymore.“, he said excitedly.

“If I could have told myself last year that I would have a savings like this, I don’t know what I would have thought then. It is a relief”.

Refer to BBC

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