Luxury Rehab Centers Cater to Crypto Addicts as Bear Market Takes Its TollMarch 28, 2023
According to a recent Daily Mail article, as the cryptocurrency market experiences a rollercoaster ride, some investors have become addicted to the thrill of gains and losses. Luxury rehab centers worldwide have begun to offer 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. Still, as reported by Daily Mail, its volatile nature has led to a generation of investors who obsessively track their investments. This constant monitoring has created a need for support during particularly challenging market downturns, such as the one experienced over the past year.
The rehab centers described in the article offer luxurious accommodations and tailored programs to help individuals overcome their addiction to cryptocurrency trading. Some of the facilities provide month-long stays that cost 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 Majorca, Spain, offer high-end services, including private yachts, chauffeur-driven Bentleys, and personal chefs. Clients can also access spa treatments, yoga and dance classes, golf outings, and boat trips. Additionally, these centers provide 24-hour live-in counselors and medical specialists to support their patients.
Jan Gerber, CEO of Paracelsus Recovery, said, “We treated well-off clients who came to us for various reasons and more often their trading habits were very problematic. There are a lot of similarities with gambling, and people often take loans from friends, family, and loan sharks to cover their 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 rehab centers offer tailored programs that don’t require patients to relinquish their devices or completely abstain from trading apps.
Abdullah Boulad, CEO and founder of The Balance, said, “We do not work in a way like that, but we try to explain and create an understanding of the behavior with phones and computers. We try to explain the necessity of reducing the use of it.”
The Daily Mail article highlights the crypto market’s volatility 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 that crypto addiction “centers around the brain’s reward system,” as investors develop a dependency on the dopamine high they get when their investments increase.
Anna Lembke, a Stanford University psychiatry professor and the Stanford Addiction Medicine Dual Diagnosis Clinic head, described cryptocurrency as “glorified gambling.” She called for the industry to be regulated and suggested that companies should 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. The [withdrawal] symptoms are usually time-limited and can be managed with emotional support and reassurance that they will eventually go away.”
However, as reported by Daily Mail, she expressed skepticism about the effectiveness of luxury rehab centers that allow patients access to their phones. Lembke stated, “I don’t think that’s going to be an effective form of treatment. You are 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 boundaries on trading time, implementing stop-loss limits, and establishing rules for selling coins when they reach a specific price to protect against excessive losses. These measures could help individuals manage their crypto trading habits more responsibly and avoid the detrimental consequences of addiction.
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