Bitcoin addict

For most people, thankfully, the answer is that crypto is rarely a full-fledged addiction that requires treatment or a deep bout of soul searching. Sometimes it can ruin lives. Theo de Vries is the Managing Director of The Diamond Rehab , a drug and alcohol treatment center located in Thailand, and he also treats patients for crypto addiction.

Or more accurately, the addiction is usually a combination of crypto and something else. The patient is 38, has two young kids, owns a marketing company and chose to remain anonymous for obvious reasons. This is his story. Interview has been condensed and lightly edited for clarity.

How did this all begin? In I heard about Ethereum. And I bought a lot. And then a friend bought all of these other cryptocurrencies; I got really excited and I started buying altcoins. And before I knew it, every day for the entire day, my whole mind was devoted to finding the next new coin. Were you day trading? Every situation and relationship is unique, and therefore boundaries will look different in each respective case. Loved ones want to let the addicted individual know that they love them and that they are there for them when they want to get well, but they cannot continue to see them destroy their lives and the lives of those around them.

In extreme cases some family members may need to tell their loved one that they cannot see them or speak with them until they are ready and willing to get help. It can be challenging and sometimes impossible to remove all triggers from a home, but there are certain steps that can be taken to make a living environment safer. With cryptocurrency addiction it may not be as obvious as removing alcohol from the home of an alcoholic, but there may be triggers such as financial related newspapers, trading books, or news related trading that may serve as a trigger.

Aim to reduce screen time, even to technology that is not related to trading. Money, credit cards and bills may serve as a reminder of financial wellbeing, so aim to limit exposure to such financial items as well until needed. In some cases an addicted individual may need a loved one to temporarily oversee their finances. Encourage Healthy Habits Individuals facing cryptocurrency addictions may have underlying mental health issues such as depression, anxiety or ADHD, and they may also be facing a technology addiction or other addiction that can negatively impact their mental and physical health and exacerbate issues stemming from their crypto addiction.

Living a healthy lifestyle and engaging in healthy behaviors is the best natural way to reduce unwanted mental health concerns, reduce screen time, and reduce crypto trading engagement. Instead of demanding this of the addicted individual, one of the best ways to encourage them to engage in healthy habits is to model it yourself. Whether it be proper sleep hygiene, minimal screen time, exercise, eating healthy meals, or abstaining from alcohol, drugs and nicotine, show your support by living a healthy lifestyle yourself.

This has many benefits beyond supporting your loved one, as this will help improve your own mental, physical and spiritual health, and can also be a source of bonding and healing between you and your loved ones. Educate Yourself As a loved it is not your job or responsibility to be an addiction specialist, addiction recovery coach, or addiction therapist.

However, it is helpful to have a basic understanding of addiction in order to not only be better positioned to support your loved one, but also for your own healing as well. Having a basic understanding of cryptocurrency, such as what is Bitcoin, what is Ethereum, what are alt coins, and other such basics can help improve the relationship and be a conduit to more open dialogue between yourself and the addicted loved one.

Similarly, a basic understand what addiction is, the neurological impact of addiction, what triggers are, and other such issues can better position you to help yourself and your loved one. A basic understanding of addiction may entail looking through a clinical lens of viewing addiction as a brain disease, something that the majority of addiction specialists agree upon, but not all.

Furthermore, individuals who have developed crypto addictions may have neurally embedded associations and memories with their addictive behavior, resulting in minuscule things triggering them that may not even enter our conscious mind. Through this view loved ones may revert from blaming a loved one for lacking willpower or believing that they are choosing their addiction over their family, and can be a driving force of fostering deeper empathy.

As such, relapse rates across the board for all addictions are unfortunately very high. Although there is little research on relapse rates of crypto addiction specifically, relapse rates are likely comparable to that of gambling addiction. The good news is that the longer an individual is able to maintain their abstinence from trading related activity, the greater chance they have of maintaining their long-term recovery.

The first year is especially crucial, and therefore it is beneficial for the addicted individual to be engaged in some form of recovery related treatment for their first year of recovery such as via a cryptocurrency addiction expert or therapist who specializes in gambling addictions, or mutual help groups such as Gamblers Anonymous or SMART Recovery.

Loved ones of an addicted individual should also acknowledge that addiction is progressive in nature, meaning that the longer an individual is engaged in their crypto addiction the worse it will get over time.

Individuals addicted to trading or investing cryptocurrencies will often invest more money over time, trade with leverage, or engage in other unhealthy trading habits. This is because the individual may need to invest more in order to cover losses or to receive the same pleasure or rush as they did in the beginning of their engagement with cryptocurrency. Consequences of cryptocurrency trading also often get worse over time.

As such, the sooner one is able to receive help the better off they will be. Although more research is needed, cryptocurrency addictions can be fatal due to the high rates of suicide among individuals with a gambling addiction, and therefore receiving help should never be something that is delayed.

Most loved ones focus on getting the addicted individual help at the expense of their own wellbeing, but it is paramount to get your own help if you are a loved one of a person suffering from an addiction to Bitcoin, Ethereum, or other alt coins. In many cases the addicted individual may choose to continue with their downward spiral rather than choosing to get well, and in such cases it is imperative that family members and other loved ones do not get further sucked into the emotional turmoil that goes hand-in-hand with addiction.

As such, it is critical that they begin their own healing journey so that they can learn to cope with negative emotions, learn to set healthier boundaries, and not suffer in silence. Through seeking out professional help in private therapy, finding a support group, and engaging in self-care behaviors not only will they feel better, but they will also be modeling recovery related behaviors for the addicted individual, showing them that it is ok to get help.

One method of healing that family members can engage in to improve their wellbeing are holistic wellness behaviors such as eating well, exercising, meditating, proper sleep-hygiene, and engaging in self-care routines. Family members should also seek out an addiction specialist who can teach stress reduction techniques, coping skills for negative emotions, boundary setting, and educate them about the nature of cryptocurrency addiction.

Seeking out mutual help groups with like-minded individuals can help loved ones establish a sense of universality so that they do not feel alone, and so that they can begin to build a support group they can confide in. Connecting with like-minded peers who also have a deep understanding of struggling with a loved ones addiction can lend itself towards a better quality of life, reduced stress, and fewer problems with your addicted loved one.

Some such mutual help groups include Al-Anon yes, even for gambling addiction Gam-Anon , and SMART Recovery Family and Friends , or via family addiction groups with a local private addiction therapist or private addiction rehab. Family therapy sessions are also helpful to help heal the family.

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