Cryptocurrency trading may be dangerously addictive.
That’s according to a Scottish hospital, which announced this week that it had launched a rehabilitation program for people hooked on trading digital currencies like bitcoin BTCUSD, +2.74% and Ether ETHUSD, +5.54%
“Cryptocurrency users can get hooked by the volatile fluctuation of prices online which creates a ‘high’ when they buy or trade a winning currency,” said Castle Craig Hospital in a news release. “This can be exciting but also addictive and, like gambling addiction, can be financially disastrous.”
So how do you know if you are addicted? According to Castle Craig, answering yes to five or more of the following 10 questions indicates a problem:
- Do I spend a lot of time thinking about different types of cryptocurrency?
- Am I spending large amounts on cryptocurrency?
- Have I tried to slow down or completely stop cryptocurrency trading — but not been able to?
- Do I become restless or irritable if I try to cut down my screen time related to cryptocurrency?
- Do I jump on the computer and start trading in cryptocurrency to escape from life’s problems or to try to elevate my mood?
- Do I carry on trading in cryptocurrency after losing money — to try to gain it back?
- Have I ever fibbed to other people about how much time or money I spend trading in cryptocurrency? Have I ever taken money unlawfully to fund my cryptocurrency addiction?
- Has my cryptocurrency trading habit had an effect on my relationships or my job?
- Do I try to get other people to lend me money when I have lost on investment?
Read: A guide to crypto-addiction by Castle Craig Hospital
News of Castle Craig’s rehab program comes as bitcoin is on a long losing streak, falling three consecutive weeks for the first time in eight months. From its peak in December 2017, bitcoin has lost 62%, and since Jan. 7, the total value of all cryptocurrencies has shed $500 billion, according to CoinMarketCap.
The hospital said crypto trading addiction is more prevalent among young males and those who work in an environment that promotes gambling behavior, such as casinos and betting shops.
Read: Chasing rags-to-riches dreams, bitcoin investors get mad when the price declines
Further reading: Good news for people who haven’t got a clue about cryptocurrency ...