Substance abuse grows among crypto traders – Cointelegraph Magazine

Although documented statistics on cryptocurrency trading and substance abuse are difficult to come by, addiction experts are treating an increasing number of cryptocurrency traders.

Abdullah Boulard, founder and CEO of The Balance Luxury Rehab, told the magazine that many cryptocurrency traders struggle with substance abuse. “Our customer base is diverse, but it’s a unique group that we’ve seen increase in numbers in recent years,” Bullard said.

Boulard said the high intensity of cryptocurrency trading coupled with 24/7 accessibility encourages some to use stimulants to keep up. “These are people who regularly take amphetamines, cocaine, and even overdose on caffeine,” Bullard said.

Caroline Ellison, the former CEO of Alameda Research, tweeted about doping in April 2021.

Then New York Magazine report One successful trader who met with Allison commented on her use of doping and its overall impact on community members. “Cryptocurrency has really upended the way a lot of people think about money. A lot of it doesn’t feel real. If you increase the speed…”

Prior to this, in September 2019, Sam Bankman-Fried, the former CEO of disgraced cryptocurrency exchange FTX, tweeted information about his use of stimulants and sleeping pills.

What goes up must come down

Brad also sees many patients on benzodiazepines. Benzodiazepines, known on the street as “tranquilizers” or “benzos,” include commonly used drugs such as Xanax, Valium and Ativan.

He believes traders use these prescription drugs to cope with anxiety and insomnia, symptoms that can be caused by the highs and lows of trading and the use of stimulants. Brad says alcohol serves the same purpose.

Dr. Lawrence Weinstein, chief medical officer of the American Addiction Center, agrees. “Alcohol use disorder is also common in people with gambling disorder, and cryptocurrency trading is a subtype of gambling disorder,” Weinstein told the magazine.

While some patients in the Weinstein program did not necessarily meet clinical diagnostic criteria for gambling disorder, they did have experience with cryptocurrency trading and often suffered from alcohol use disorder, stimulant use disorder, or both.

What is the link?

Cryptocurrency trading addiction is increasingly becoming a problem for some community members. Weinstein believes compulsive sex trafficking addiction and substance abuse may go hand in hand. “Behavioral addiction and substance addiction have a lot of overlap in risk factors, especially from a neurobiological perspective,” Weinstein said.

2022 Case Study Written by Dr. Harun Olcay Sonkurt, Anadolu Hospital, Turkey Gift A 30-year-old graduate student addicted to cryptocurrency trading and alcoholism. The student started trading Bitcoin and soon added altcoins to his portfolio. A few months later, he started trading on margin and subsequently lost more than two years of salary. The student was unable to stop or control his trading and struggled with anxiety and anger. His focus is always on price movements and trading.

“Due to the intense anxiety he experienced while trading with high leverage, he drank alcohol before trading,” Sankut wrote.

What happens to the brain?

Weinstein believes that actions such as cryptocurrency trading can cause increases and decreases in the neurotransmitter dopamine, just like alcohol and certain drugs. dopamine It is a chemical messenger produced by the body and used by the nervous system to transmit messages between cells.

“Activation of the brain’s reward system by the neurotransmitter dopamine is an important factor in the development of addiction. The surge of dopamine caused by using a certain substance (or performing a certain behavior) can differentiate between the thing that triggered the feeling and the desire to do it again. Creating a connection between them helps reinforce that pleasant feeling,” Weinstein said.

According to Weinstein, a dopamine surge is followed by a crash. When this happens repeatedly, widespread neural circuits involved in the brain’s reward system can become damaged, ultimately negatively affecting other areas of the brain.

Habit-forming centers of the brain and areas responsible for impulse control are affected, as well as parts of the brain that control feelings of restlessness, irritability and anxiety. “These are also three areas of the brain that play key roles in the development of addiction,” Weinstein said.

Chronic behaviors such as addictive cryptocurrency trading and substance use can alter brain circuits and lead to pathological changes. At this point, Weinstein said, individuals no longer have a choice. The brain has created new neural connections and the individual needs this substance to function properly.

“If someone with severe alcohol use disorder suddenly stops drinking, they run a real risk of death because the body has become so dependent on the substance. I have seen many patients compare their periods of active addiction to starvation – It’s not a choice or a want; it’s a choice. It’s a need. They don’t wake up every day and choose to continue to be addicted to a substance,” Weinstein said.

Money doesn’t make everything better

While some cryptocurrency traders who battled substance abuse lost everything, some were extremely successful. Disciplined and experienced traders can make a lot of money very quickly. Even a newbie can get rich temporarily if he bets on the right coins.

A student in Sonkurt’s study said he was “thrilled to find that he could make the same money in months working at high leverage in minutes.”

Bullard believes that “having access to significant financial resources can exacerbate substance abuse if left untreated,” while Weinstein says having the means to sustain an addiction indefinitely can make it worse and prolong it.

He believes that having easy access to a selected substance can curb motivation to quit smoking while mitigating many of the negative consequences of addiction.

“Besides removing access to money and potentially addictive substances or activities, there may be few other avenues that would incentivize individuals to seek help for addiction,” Weinstein said. “Quick access to wealth may make people Disorientation can lead to lifestyle changes and can create stress that makes them more susceptible to substance abuse,” Brad added.

What is treatment like?

Brad develops treatment plans based on individual circumstances. Typically, this includes detoxification and psychotherapy. He integrates holistic therapies such as mindfulness training, yoga and dietary modifications.

“We also provide financial advisory services and educate our clients on healthier trading habits,” Brad said.

Weinstein told the magazine, “CBT, or cognitive behavioral therapy, is the most common treatment for process or behavioral addiction. This form of therapy helps individuals identify certain situations that may trigger addictive behaviors and utilize them Coping skills developed in treatment to prevent relapse into addictive behaviors.”

He believes that people who suffer from behavioral addictions are likely to suffer from co-occurring mental health issues. Treating both correctly and professionally will produce the best results.

according to According to the National Institutes of Health, drug addicts often suffer from other health, legal, family or social problems that must be addressed simultaneously. The NIH says, “The best plans offer a combination of treatment and other services to meet the needs of individual patients.”

Can I treat myself?

Brad advised against it. While it’s not impossible to beat addiction on your own, long-term results may be less likely.

“While it’s theoretically possible to overcome addiction without formal treatment, professional help can greatly increase the rate of success and reduce the likelihood of relapse,” Bullard said.

according to According to the National Institute on Drug Abuse, there is a strong association between drugs and related cues. When someone is trying to stop using drugs, stressful experiences can lead to drug cravings and relapse. “It is not uncommon to stop using and then return to use or relapse. And, like addiction itself, it is not a sign of weakness,” NIDA said.

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Mickey Irvine

Mitch is a writer who covers cryptocurrencies, politics, the intersection between the two, and a number of other unrelated topics. He believes cryptocurrencies are the future of finance and feels honored to have the opportunity to cover them.