Treatment for 'crypto addiction': Upscale rehab centres now offer therapy

The COVID-19 pandemic and the unrest in the bitcoin market have led to a trading frenzy in digital currencies. Luxury rehab centres are already proliferating everywhere, promising to treat "crypto addiction." The majority of the rehab facilities the BBC has discovered appear to be of the upscale variety and include care for eating disorders, alcoholism, and other addictions  The BBC visited three treatment facilities and two addiction clinics, both of which reported receiving hundreds of inquiries on Crypto addiction over the previous two years.

However, addiction experts question if cryptocurrency trading calls for such a costly intervention.

The need for treatment for cryptocurrency addiction

Like other addictions, treatment for crypto addiction should begin with abstinence and managing withdrawal symptoms - which could include anxiety, irritability, and insomnia, Dr. Lembke said. "No crypto trading or viewing for at least four weeks, which gives the brain a chance to reset reward pathways. The [withdrawal] symptoms are usually time-limited and can be managed with emotional support and reassurance that they will eventually go away."

In the long run, treatment would also include healthier options for monetary investment, she added.

However, she also asserted that occasionally the cost is not justified. 

"They are making money off desperate people," says Lia Nower, director at the Centre for Gambling Studies in Rutgers School of Social Work, who spoke to the BBC. "Whether you're 'addicted' to trading crypto, betting on sports, or playing the lottery, your symptoms and treatment will be largely the same."

"Crypto trading has an air of being legitimate, whilst gambling is more talked about as being potentially problematic," said Jan Geber, chief executive at Zurich-based rehab centre Paracelsus Recovery, who spoke to the BBC. 

The signs of crypto addiction 

Those who are addicted to crypto trading start to increasingly turn to it as a source of "excitement and pleasure in their lives", said Aaron Sternlicht, who spoke to BBC and who runs New York-based Family Addiction Specialist with his wife, Lin.

He claims red flags include lying, stealing, debt, trouble unwinding or falling asleep, constant attention to cryptocurrency values, and trading at the expense of friendships, possibilities for a profession, and educational opportunities.

Cryptocurrency addicts often need help setting boundaries, such as trading time limits and stop-loss orders, which advise the cancellation of a position when it reaches a certain price in order to shield investors from disproportionate losses.