Depression because of playing cryptocurrencies

5 years ago, at a party in California, Garzilli got caught up in a conversation that revolved around electronic money. “The topic was very interesting, I tried investing and got a profit of 85,000 USD from GRT cryptocurrency. I dreamed of a rich life. After my first trade, I started to become more reckless. “, Garzilli said.

She put 90% of her savings in another digital currency but lost tens of thousands of dollars in just one day. Garzilli continues to join the craze coin memeday by day holding the phone, watching the amount of money in the account dancing.

“Playing crypto is like going to hell. It brings out the darkest part of us. It’s addictive. I was addicted to crypto,” she said.

Drew Vosk, 30 years old who lives near Northern Virginia, started playing crypto around 2017. He initially put his money into Ethereum, then switched to buying miners. “I spent all the money I had on investing and buying mining machines. I was addicted and obsessed,” he said. At times, Vosk turned a $1,000 investment into $100,000, only to see that return evaporate.

“When everything suddenly changed, I woke up depressed. I couldn’t accept reality,” he said.

Washington Post Citing mental health experts, the sudden rise and fall in the price of the cryptocurrency market can expose participants to debt, broken relationships, and depression.

New York-based therapist Aaron Sternlicht says more and more people are looking to crypto addiction services. It is even more addictive than traditional sports betting, gambling and financial investing. Cryptocurrencies can be traded around the clock, unlike stocks. People also don’t need to drive to the casino. Price swings, especially ones like meme coins, can quickly trigger a feeling of euphoria in the brain.

In April, a team of Finnish researchers found that cryptocurrency traders have a higher than normal rate of addiction. Cryptocurrency enthusiasts are often more miserable and lonely than stock investors.

Aaron Sternlicht, a crypto addiction consultant, says his client base has grown 40% over the past year. Each consultation costs about $2,500 while a 45-day course costs $25,000. To treat addiction, they meet with both the patient and their family members several times a week. Most customers come to the service when they are heavily in debt, facing severe depression, leading to other addictions such as alcohol and cocaine.

As for Garzilli, she describes every day as a battle. “Every time an investment opportunity is found, it seems that the whole body is pulled into a single thought: Place an order, invest to make a big profit,” this woman said.

To manage his addiction, Garzilli signed up for a 12-step psychotherapy treatment, similar to that of an alcoholic. She forced herself to unplug her computer monitor all day. If an investment idea pops into her head, she immediately goes for a walk, meditates, and drives. Now, Garzilli still invests in crypto, but her portfolios are less risky.

Khuong Nha (according to Washington Post)