Luxury rehab centers cater to crypto addicts as bear market takes its toll
According to a recent article in the Daily Mail, as the cryptocurrency market experiences a roller-coaster ride, some investors have become addicted to the thrill of gains and losses. Luxury rehab centers around the world have begun offering specialized programs designed to help these “crypto addicts” regain control of their lives, charging hefty fees for their lavish services.
The $1.21 trillion cryptocurrency market has grown tremendously over the past decade. Yet, as reported by the Daily Mail, its volatile nature has led to a generation of investors obsessively tracking their investments. This constant monitoring has created a need for support during particularly challenging market downturns, such as what we have experienced over the past year.
The rehab centers described in the article offer luxurious accommodations and tailored programs to help individuals overcome cryptocurrency trading addiction. Some of the facilities provide month-long stays costing up to $400,000, indicating that their clientele still has a significant amount of crypto holdings.
Centers such as Paracelsus Recovery in Zurich, Switzerland and The Balance in Mallorca, Spain, offer high-end services including private yachts, chauffeur-driven Bentleys and personal chefs. Customers can also access spa treatments, yoga and dance classes, golf outings and boat trips. In addition, these centers offer 24-hour live-in counselors and medical specialists to support their patients.
Jan Gerber, CEO of Paracelsus Recovery, said: “We dealt with wealthy clients who came to us for various reasons and more often than not their trading habits were very problematic. There are many similarities to gambling and people often borrow from friends, family and loan sharks to cover the losses and win it back.”
Experts believe that treating crypto addicts should follow the same approach as treating gambling addicts, which involves four weeks of abstinence. However, these luxury rehabs offer tailored programs that don’t require patients to give up their devices or forego buying apps altogether.
Abdullah Boulad, CEO and founder of The Balance, said: “We do not work in such a way, but we try to explain and create an understanding of the behavior with phones and computers. We try to explain the necessity to reduce its use. »
The Daily Mail article highlights the volatility of the crypto market and its similarities to gambling, but it is potentially more addictive due to its constant fluctuations.
Aaron Sternlicht, a New York-based family addiction specialist, said crypto addiction “centers around the brain’s reward system,” as investors develop an addiction to the dopamine high they get when their investments increase.
Anna Lembke, a psychiatry professor at Stanford University and head of the Stanford Addiction Medicine Dual Diagnosis Clinic, described cryptocurrency as “glorified gambling.” She called for the industry to be regulated and suggested that companies contribute a portion of their profits to treat people addicted to cryptocurrency trading.
According to Lembke, treatment for crypto addiction should begin with four weeks of abstinence from trading or viewing. She said: “No crypto trading or viewing for at least four weeks, which gives the brain a chance to reset reward pathways. They [withdrawal] the symptoms are usually time-limited and can be managed with emotional support and reassurance that they will eventually go away.”
But as reported by the Daily Mail, she expressed skepticism about the effectiveness of luxury rehabs that give patients access to their phones. Lembke stated, “I don’t think it’s going to be an effective form of treatment. You’re flushing your money down the toilet. What’s the point of going to rehab if you have unfettered access to your phone?”
To help crypto addicts regain control, experts suggest setting trading time limits, implementing stop-loss limits, and establishing rules for selling coins when they reach a certain price to protect against excessive losses. These measures can help individuals manage their crypto trading habits more responsibly and avoid the harmful consequences of addiction.
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