Spanish rehab center adds cryptocurrency trading addiction to list of services

A luxury rehab center in Spain recently added services aimed at treating a relatively new kind of addiction – crypto trading.

The centre, called ‘The Balance’, is a wellness center founded in Switzerland, with its main facilities located on the Spanish island of Majorca along with offices in London and Zurich.

While it is known to treat addiction diseases such as alcohol, drugs and behavioral health – it has now recently started offering services aimed at combating crypto trading addiction, according to a BBC report.

The February 5 report revealed that one of the center’s clients reached out to be able to “wean off crypto” after allegedly funneling $200,000 worth of crypto trades every week.

The treatment involves a four-week stay — which includes therapy, massage and yoga. The bill could be over $75,000.

Elsewhere in the world, Castle Craig Hospital – a Scotland-based addiction rehab clinic that has been treating high-adrenaline cryptocurrency traders since 2018 – has seen over 100 clients come in with “dangerous” cryptocurrency problems.

Castle Craig Restoration Facility. Source: Castle Craig.

In Asia, Diamond Rehabilitation – a Thailand-based wellness center that has been operating since 2019 – has also added services dedicated to cryptocurrency addiction rehab and treatment.

The organization said it approaches addiction through Cognitive Behavioral Therapy (CBT), Motivational Interviewing (MI) and Psychodynamic Theory (PT) as part of its integrated multi-stage approach to help dealers overcome their addiction.

Related: How to control stress and depression in a crypto winter

It is believed that the euphoric highs and crushing lows of the fast-paced, 24/7 cryptocurrency trading arena have brought about a real demand for rehab centers that offer services to trading addicts.

An article by Family Addiction Specialist estimates that about 1% of cryptocurrency traders will develop a serious pathological addiction, while 10% will experience other problems beyond that of financial loss.

The 24/7 nature of cryptocurrency trading has caused many to constantly check price charts. Source: Family Addiction Specialist.

Data from cryptocurrency payment platform TripleA estimates that over 420 million people have traded cryptocurrencies. This could mean that at least 4.2 million people may be eligible for such services.

Symptoms of this addiction, according to Family Addiction Specialist, include constantly checking prices online — especially in the middle of the night.