By Hassan Mehmood (Saudi Arabia)
A new article published in BBC tells the tale of a recovering cryptocurrency-addicted investor. The person who is named Jake to keep his identity secret is currently enrolled in an addiction combating program at the Castle Craig Hospital in Peebles, Scotland. The interviewer asked him the details of his circumstances and how he was caught in this vicious cycle.
Jake told BBC reporters that he has been facing issues in his personal and professional life. He was unable to address these issues, so he started to find other ways for compensating for these issues in his life. He told the media that when he first invested in cryptocurrencies, a huge amount of his investment was lost. However, unexpectedly the market took a turn for the better, and he recovered more than he had lost in a short amount of time.
Crypto Trading Addiction Among Investors is Increasing
Jake had a job where he had to deal with millions of euros that do not belong to him. However, when he kept losing money in the cryptocurrency market for a long time, he planned to take out the money that was not owned by him. He told reporters that when the first time he was able to make a huge amount of profit in the crypto trading markets, he experienced an amazing euphoria.
Also read:However, his new plan to steal money from his employers did not work out very well. He revealed that as soon as he put the stolen money into the crypto market, it went down, and he had to liquidate whatever he was able to salvage. He is now facing criminal charges and a huge legal penalty. He has also lost his job and has a bad record added to his resume forever.
There are some activists like Jen McAdam, who used to work in the IT industry herself. She has become a social activist after losing millions in the scam. She is trying to inform people of the issues related to crypto trading. She claims that many of her friends and family members also invested in the same project, and due to the lack of understanding about the complex blockchain technology, they all ended up losing money.
Tony Marini is a psychology Counselor at Castle Craig Hospital. He told BBC reporters that thus far, his clinic has admitted and treated 100 people with crypto trading addiction. He further added that if crypto trading was a drug, it could be compared with cocaine. The people who are trading cryptocurrencies are using these applications on their phones and laptops. They are constantly looking at the statistics, and they are unable to switch off the notifications for a moment. Therefore, they end up becoming more obsessed with profit and loss and hinder their personal and professional obligations. Marini also warned that the numbers of addicts who are ready to agree to treatment are only those who have been able to make some money. The ones who have lost everything are too scared to come out and address the issue.
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