With the rise of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), more people are investing and trading in this market. However, with the high volatility of digital assets and the thrill of making profits, some individuals have become addicted to the sector.
In this line, luxury rehab centers are popping up globally, offering services for people struggling with ‘crypto addiction,’ BBC reported on February 4.
Notably, these centers typically provide programs for treating other addictions, such as alcohol, drugs, and eating disorders. Most of the centers offer therapy by certified mental health counselors who have experience in treating a variety of addictions.
Interestingly, the centers have received increased requests to handle cases related to digital assets over the past two years. It is worth noting that significant price swings have characterized the market during the period.
For instance, The Balance, a luxury rehab center in several European cities, including London, offers services specializing in crypto addiction treatment. The report indicates that the facility services cost about $75,000, covering therapy, massages, yoga, and bike rides.
Elsewhere, Switzerland-based Paracelsus Recovery was among the sampled rehab centers offering crypto addiction treatments. The center treatment ranges from four to six weeks, with one patient reportedly paying $104,000 weekly. The center’s treatment also entails blood tests, customized diet plans, yoga, acupuncture, and medication where necessary.
Concerns over high charges
Although addiction experts remain skeptical about the high cost of treatment for crypto addiction, the therapy for the condition is similar to that for other addictions. It involves interventions like therapy, medications, and healthy replacement activities.
“They are making money off desperate people. Whether you’re ‘addicted’ to trading crypto, betting on sports, or playing the lottery, your symptoms and treatment will be largely the same,” said Lia Nower, director at the Centre for Gambling Studies at Rutgers School of Social Work.
In treating the addiction, experts recommended starting with abstinence and managing withdrawal symptoms that may entail anxiety, irritability, and insomnia, followed by offering healthier financial investment options.
However, some rehab centers have dismissed the notion that crypto addiction can be handled similarly to other conditions, such as gambling.
“Crypto trading has an air of being legitimate, whilst gambling is more talked about as being potentially problematic,” said Jan Geber, CEO of Paracelsus Recovery.
Notably, the unregulated nature of digital assets makes it challenging for addicts to seek help.