Losing Millions to Cryptocurrency Addiction

People all over the US have lost millions of dollars exchanging cryptocurrencies. Mike is one of them. He does not want to reveal his identity because he is still getting treated at one of the very few clinics in the country that treats people obsessed with gambling on cryptocurrencies.

Mike bought Bitcoin, the most popular cryptocurrency, for the first time in 2017. He did not have a big until a few years later. That is when his trading obsession soared out of control.

“I can pinpoint the exact moment it became a problem,” Mike said. “I had been eroding the sum I put aside, but I entered a trade, and I was willing to risk that last amount I had. I ended up making back pretty much everything I lost in a single trade. The feeling was one of absolute euphoria.”

Mike said that this high win, combined with the difficulties he was facing in his personal life and marriage, led to an addictive gambling cycle. He became in charge of millions of dollars. Soon, he started trading money that did not belong to him, hoping that his first success would be repeated.

“The first time I took it, I lost it all in about 20 minutes one night. The market moved very rapidly, and I liquidated everything. It was about 2 am. I went back to bed and had to lie down next to my wife. She had no idea what I had been up to,” Mike said.

Mike was soon facing criminal charges for embezzlement. However, with the help of his family, he was able to pay back $2.5 million to his employer. He is now getting treatment for his cryptocurrency addiction.

Cryptocurrency Addiction
Credit: nazarovsergey

But What Is Cryptocurrency?

Cryptocurrency is digital money that is not issued by a bank. You can trade and invest this currency just like any other. The entire process is virtual, and there are no barriers to entry.

However, the cryptocurrency market fluctuates a lot because of the absence of regulations and can go up very fast. The total value of all cryptocurrencies as of May 30, 2021 is $653 billion. Thousands of people in the United States hold these virtual currencies.

Since the cryptocurrency market is so volatile, when you win, you win big. When you lose, you hit rock bottom!

The Worst Type of Addiction

According to specialists, cryptocurrency addicts display the same kinds of behavioral addictions as addicted gamblers and sex addicts. There are no figures for the number of people in the US that are currently addicted to cryptocurrency trading, but the cryptocurrency addiction is clearly on the rise.

“There are so many people out there that are trading cryptocurrency that are making money, and they’re telling everyone that they’re making money. We are not hearing from the people that are losing money,” he said.

Sex addiction can be conceptualized as the compulsive engagement in sex despite negative consequences. Moreover, it is a behavior that is emotionally distressing rather than fulfilling. While not always recognized as a legitimate diagnosis, sex addiction has real consequences, including a negative impact on relationships and well-being.

The Horrendous Guilt

It is not just the crypto market that can cause problems. Even the technology that enables cryptocurrency trading is infamously complicated. If you are not careful, you can easily invest in a scam without knowing about it.

Amy was working in IT when her father died a few years ago. She heard about cryptocurrency and thought it was a once-in-a-lifetime investment opportunity. However, it turned out to be a scam. She lost over $250,000.

Amy wants to make people aware of the risks of investing in cryptocurrency. She warns those who do not understand the technology to stay away. She says that if anyone wishes to invest but does not know or understand the technology, they are just gambling and taking a very high risk.

It’s Not All Bad

Cryptocurrency trading is not all bad. For some people, the investment has paid off really well.” according to cryptocurrency consultant, Scott Jason Cooper. instance, Miguel has seen a fantastic turnaround and profits. He is a freelance musician, and his earnings took a hit due to the COVID-19 pandemic. “Gigs came to an end, schools closed, all my sources of income completely vanished,” Miguel said.

When lockdown hit last year, Miguel saw that the market for cryptocurrencies was growing, and he decided to invest. Even though the economy was challenging, one year later, he is cheerful. “It’s been a really great year of these assets increasing in value to the point where, at least for the short-term, I’m not going to have any financial worries. If I could have told myself last year that I’d have this sort of reserve, I don’t know what I’d think. It’s been such a relief,” he said.

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