Spanish rehab center adds crypto trading addiction to services list
The rehabilitation center estimates that about 1% of cryptocurrency traders will develop an “extreme” addiction to crypto trading.
A luxury rehabilitation center in Spain has recently added services aimed at treating a relatively new kind of addiction — crypto trading.
The center, called “The Balance,” is a Switzerland-founded wellness center, with its main facility located on the Spanish island of Mallorca along with representations in Spain, London and Switzerland.
While it has been known to treat addiction ailments such as alcohol, drugs and behavioral health — it has now recently begun offering services aimed at combatting crypto trading addiction, according to a report from the BBC.
The Feb. 5 report revealed that one of the center’s clients reached out so that he could “wean off crypto” after reportedly pouring in $200,000 worth of crypto trades each week.
The treatment involves a four week stay — which comprises of therapy, massages and yoga. The bill can be upwards of $75,000.
In another part of the world, Castle Craig Hospital — a Scottish-based addiction rehabilitation clinic treating high-adrenaline crypto traders since 2018 — has seen over 100 clients come in with “dangerous” cryptocurrency problems.
In Asia, Diamond Rehabilitation — a Thailand-based wellness center operating since 2019 — has also added services dedicated to cryptocurrency addiction rehab and treatment.
The organization said it approaches rehab through the use of Cognitive Behavioral Therapy (CBT), Motivational Interviewing (MI) and Psychodynamic Theory (PT) as part of its comprehensive, multi-stage approach to help traders overcome their addiction.
Related: How to control stress and depression in a crypto winter
It is believed that the euphoric highs and crushing lows of the fast-paced, 24/7 cryptocurrency trading arena have brought in real demand for rehabilitation centers to offer services for trading addicts.
An article by Family Addiction Specialist estimates about 1% cryptocurrency traders will develop a severe pathological addiction, while 10% will experience other problems beyond that of a financial loss.
Data from cryptocurrency payments platform TripleA estimates that over 420 million people have traded cryptocurrencies. This could mean that at least 4.2 million people may be suitable for such services.
Symptoms of this addiction according to Family Addiction Specialist, includes constantly checking the prices online — particularly in the middle of the night.