Bitcoin has became an addiction that hospitals now treat

Keeping eyes glued on the screens all day long to wait for the right moment to buy or sell cryptocurrencies has led to the birth of new kind of gamblers and addicts.

Psychologists have said the cryptocurrency market is quite attractive to gamblers, owing to the market's high volatility, which can have equally devastating results.

“Cryptocurrency addiction is becoming more prevalent in today's society and is just another form of gambling which addicts can be drawn to,” said Dr Walid Abdul-Hamid, clinical director and consultant psychiatrist at the Priory Wellbeing Centre, Dubai, quoted the UAE based The National.

“The problem of gambling addiction is known psychologically as pathological gambling, compulsive gambling or gambling disorder. This usually involves the inability of a person to control impulsive gambling even though they clearly see the detrimental effects of it on themselves and their family,” Walid added.

The problem has become so prevalent that now there is even a rehab facility in Scotland where those suffering ‘cryptocurrency addiction’ can get treatment. “Castle Craig, one of Europe’s leading addiction rehab clinics, has received requests to treat cryptocurrency addiction and is highlighting this area of concern,” read a statement from the Castle Craig Hospital.

“Cryptocurrency users can get hooked by the volatile fluctuation of prices online which creates a ‘high’ when they buy or trade a winning currency. This can be exciting but also addictive and, like gambling addiction, can be financially disastrous,” stated the clinic.

The addiction is most common in young men i.e. millennial, who make up the demographic majority of online traders, and are looking for some quick money.

“The lure of making quick money is what draws these millennials, who are into generating passive incomes. They want their money to work for them rather than working for money. With time, it develops into addiction with a constant need to change the fluctuating rate, losing sleep and appetite, social and occupational dysfunction,” said Bhakti Thakkar Bauva, consultant clinical psychologist, Hiranandani Hospital and Fortis Hospital, quoted DNA.