Luxury Rehab Facilities Treat Crypto Addiction
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At one point, Don invested up to $200,000 (£164,700) every week in cryptocurrency trades.
He slept fitfully and awoke before dawn to watch prices and his portfolio’s balance. “Before long-haul flights, I would break out in a cold sweat because I could not use the internet,” he said.
Don works for a company that processes transactions involving central bank digital currency (CBDC). He wanted to remain anonymous to avoid investor criticism.
He claims he began a “downward spiral” around the middle of 2022, prompting him to seek assistance.
The remedy was a four-week stay at The Balance, a huge rehabilitation center on the Spanish island of Majorca staffed by dozens of professionals.
Don inhabited a luxury villa and had his butler and cook. His treatment included counseling, massages, yoga, and bike rides, all for a high price: almost $75,000 total.
The balance, a company founded in Zurich with locations in London and Majorca, advertises itself as a “secure zone promoting health and fulfillment.” The landing page features images of a seaside property and spa and testimonials from satisfied customers. The center provides information about treatment programs for anxiety, burnout, depression, post-traumatic stress disorder, and eating disorders.
Don reports that it helped him “wean off the virus.”
The pandemic and a turbulent crypto market have sparked a digital currency trading frenzy. Now, premium rehab centers are springing up across the globe, promising to treat “crypto addiction.”
Most of the rehabilitation facilities discovered by the BBC appear to be opulent and offer treatment for many addictions, including opioids, alcohol, and eating disorders. The BBC contacted three rehabilitation centers and two addiction clinics, which reported receiving hundreds of similar inquiries over the preceding two years.
However, addiction specialists are skeptical that crypto trading requires such drastic intervention.
As the business of treating crypto addiction is still in its infancy, there are currently no accreditation requirements. Most therapists and rehabilitation center administrators described themselves as qualified counselors for mental health and various addictions. Ranging from alcohol and substance misuse to gaming and gambling.
The centers say that while crypto addiction shares many similarities with gambling, it is also more addictive. For example, it is more thrilling since cryptocurrencies are so volatile, and trading can occur around the clock.
“Crypto trading has an aura of legitimacy, whereas gambling is viewed as potentially dangerous,” said Jan Geber, CEO of the Zurich-based rehabilitation facility Paracelsus Recovery.
Moreover, he argues, fewer people seek assistance because crypto trading is mostly uncontrolled. In contrast, some nations mandate that gambling platforms and casinos proactively detect and reject problem gamblers or provide information and tools to manage the signs of addiction.
Similarly, the symptoms of a crypto addiction are not too dissimilar.
Those addicted to crypto trading increasingly view it as a source of “excitement and joy in their lives.” According to Aaron Sternlicht, who operates Family Addiction Specialist with his wife, Lin, in New York.
According to him, telltale indications include lying, stealing, and debt; having trouble relaxing or sleeping; constantly watching cryptocurrency values; and trading at the expense of relationships, employment, and educational possibilities.
To protect investors from excessive losses, crypto junkies frequently need assistance setting restrictions. Such as time limits for trading and stop-loss limits, and orders to shut out a position when it hits a specific price.
According to Abdullah Boulad, CEO and founder of The Balance, therapists at the center assist clients in establishing such limits. But he emphasized that they do not require clients to quit cold turkey or withdraw entirely from their gadgets.
