Spanish Rehab Centre Offers Treatment for Crypto Trading Addiction, Services Could Cost Up to $75,000

A client reached out to the centre complaining that he was unable to ‘wean off’ the urge to engaging with crypto trading activities.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 6 February 2023 13:40 IST

Spanish Rehab Centre Offers Treatment for Crypto Trading Addiction, Services Could Cost Up to $75,000

Photo Credit: Pixabay/ Sergei Tokmakov

Rehabs in Thailand and Scotland have also recognised crypto addiction as a legitimate issue

Highlights

The treatment for crypto addiction can go on for as long as four weeks
The treatment includes yoga and therapies
The 24-hour availability of crypto trading may be causing this addiction

‘The Balance', a rehabilitation centre located in the Spanish island of Mallorca, has decided to offer relief to people who just cannot get enough of cryptocurrencies. For up to $75,000 (roughly Rs. 61 lakh), the rehab facility will treat ‘addicts' of crypto trading with massages, yoga, and therapy for as long as four weeks. In recent years, the global crypto community has swelled significantly. Analytics firm Triple-A estimates that as of 2023 so far, there are over 420 million crypto holders around the globe.

Recently, a client reached out to the centre complaining that he was unable to ‘wean off' the urge to engage with crypto trading activities. As per BBC, the person was investing as much as $200,000 (roughly Rs. 1.6 crore) on crypto trading per week.

“I'd break into a sweat before going on long-haul flights, as I would not be able to access the Internet," the BBC report quoted the anonymous rehab client as he complained of insomnia and nocturnal restlessness.

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The complainant along with several other crypto traders around the world, in recent months, faced drastic ups and downs in a turbulent market condition. This may have increased the time they were putting in monitoring crypto price movements, which unlike stocks, is open 24 hours every day of the week for trading.

“The treatment for crypto addiction is similar to other addictions. It's a biopsychosocial disease so it requires a biopsychosocial intervention: medications in some cases, individual and group psychotherapy, changing habits and environment, (or) implementing healthier replacement activities,” the BBC report has quoted Anna Lembke, the chief of the Stanford Addiction Medicine Dual Diagnosis Clinic as saying.

The Balance however, is not the first rehabilitation centre that has recognised the addiction of crypto trading among prevailing common addiction types like alcoholism and drug dependencies, among others.

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In Scotland, the Castle Craig Hospital has been offering services to battle crypto-related addictions among ‘high adrenaline' patients since 2018. As per CoinTelegraph, the facility has already treated over a hundred clients who were addicted to crypto-related gambling issues.

Thailand-based Diamond Rehabilitation also offers treatment to crypto addicts.

With several nations mulling over their respective crypto laws, the availability of cryptocurrencies for 24-hour trading, could see changes in the coming times that could provide a much-needed break to traders dabbling in the sector.

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Further reading: Cryptocurrency, Crypto Addiction, Rehab

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More