The Story of How One Man’s Crypto Addiction Nearly Ruined His Life

A recent report from a patient attending a rehab clinic in Thailand for his crypto addiction sheds light on what might be a growing problem for many around the word as crypto goes more and more mainstream.

According to a report by CoinDesk, crypto addiction — while not often spoken about — is similar to a gambling addiction.

The post cites the work of Dr. Theo de Vries, Managing Director of The Diamond Rehab in Thailand, who also treats patients for crypto addiction. De Vries says that the crypto addiction is typically combined with something else, with many patients telling him they are addicted to either alcohol or drugs in addition to crypto. He says his clinic treats crypto addictions in the same way as gambling, noting that the latter has the “highest suicide rate of all addictions.”

CoinDesk interviewed one anonymous patient as an example of the severity of crypto addiction. The patient, a 38-year-old with two kids and the owner of a marketing company, said that they first got involved in crypto in 2016 after hearing about Ethereum. 

The anonymous patient said they’re addiction grew steadily over time, culminating in the search for the “next new gem” that would bring substantial profits. The patient said they were “thoroughly obsessed over it,” and began taking out loans to support their investments, including personal loans from friends and family. 

Eventually the patient began making up excuses and lies to receive loans in order to invest the money in crypto. The patient said they began checking prices often and became obsessed with crypto, spending all of their free time watching YouTube videos and “scheming” new ideas. 

The patient’s girlfriend eventually convinced them to get help for their crypto addiction, culminating in a stay at a rehab center. The patient was ultimately able to overcome their addiction, but reports that it was “really tough,” particularly during the bull market. 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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