Cryptocurrency, with its digital sheen of high-tech allure, has captivated countless individuals. But beneath the surface of quick gains and pioneering technology lies a darker, more troubling issue: the emergence of crypto addicts.
This new form of compulsion is sounding alarms, challenging lawmakers to grapple with its implications.
Trading or Gambling: The Thin Line
Drawing parallels between the thrills of gambling and the rush of crypto trading, many are arguing for stricter regulations. Just recently, a horde of male patients, ensnared in the clutches of crypto addiction, poured out their tumultuous journeys at the Castle Craig rehab center in Scotland.
These tales, rife with depression and desperation, depict a compulsive descent into the world of digital currencies, a path often intersecting with alcohol, drugs, and gambling.
Castle Craig, branding itself as the pioneer in treating crypto addiction, has witnessed a staggering influx of over 300 crypto-afflicted souls since 2018. These patients, when quizzed about their experiences, resonated eerily with gambling addiction symptoms.
From suicidal thoughts to chronic depression, the damages of this newfound compulsion are evident. According to Anthony Marini, the center’s senior therapist, these testimonials make a strong case for regulating crypto like gambling.
The Regulatory Minefield
Britain’s recent attempts to position London as a focal point for financial innovation have led to a comprehensive crypto framework proposal. This proposal aims to align cryptocurrency with existing financial service norms.
However, a twist in the narrative emerged when a group of influential MPs advocated treating crypto as gambling, pointing out its nebulous value and lack of social benefits.
Yet, where does this leave the addicts and potential future victims? If Castle Craig’s insights are any indication, a paradigm shift in understanding and regulation is urgent.
Crypto addicts’ narratives are indistinguishable from those of gamblers, prompting Marini to advocate for mandatory health warnings on crypto exchanges, akin to those on gambling sites.
The Treasury select committee’s recent apprehensions underscore another concern. By handing over crypto’s oversight to the Financial Conduct Authority, the public might be lulled into believing that crypto is more secure than it truly is.
To further complicate matters, British crypto entities denounce these regulations, asserting that they undermine the economic potential of crypto.
Crypto and Gambling
Several studies have started to spotlight the overlapping boundaries of crypto trading and gambling. A 2019 Rutgers University survey discovered that problematic gambling was “intimately linked” with crypto trading among its participants.
Another report by the Blockchain Research Lab in 2023 highlighted that crypto enthusiasts who also gamble are predominantly young, educated, and affluent males.
The constant, round-the-clock accessibility of crypto trading only amplifies its addictive nature. One patient, reflecting on his tumultuous journey, likened his constant need to monitor crypto trends to an insomniac’s plight.
Mounting evidence shows that crypto and gambling have many similarities, particularly in their impacts. As Anna Hemmings, CEO of GamCare, succinctly put it, the repercussions on mental health, finances, and relationships are eerily identical.
While the debate rages on whether crypto should be aligned with gambling or financial regulations, the dire need of the hour is collaborative action. Past disasters, like the collapse of Football Index, spotlight the urgency of unified, cohesive regulation.
For many ensnared in the throes of crypto addiction, regulatory nuances might seem distant and irrelevant. Their lives stand testament to the devastating, all-encompassing nature of this digital obsession. The question remains: Can we afford to dismiss the striking parallels between gambling and crypto?
Source: https://www.cryptopolitan.com/are-crypto-addicts-a-thing-a-close-look/