Substance abuse grows among crypto traders – Cointelegraph Magazine

Although documented statistics on cryptocurrency trading and drug abuse are hard to come by, addiction experts are treating an increasing number of crypto traders. Abdullah Bollard, founder and CEO of The Balance Luxury Rehab, told the magazine that many crypto traders struggle with drug addiction. “Our customer base is diverse, but this is a unique demographic that we've seen increase in recent years,” Bollard says.

According to Bollard, the high volume of cryptocurrency transactions combined with 24/7 accessibility encourages some to use stimulants to keep up the momentum. “Substances like amphetamines, cocaine and excessive caffeine use are common among these individuals,” Bollard said.

Former Alameda Research CEO Caroline Ellison tweeted in April 2021 about the use of stimulants.

A successful businessman who met Ellison commented on the use of stimulants and their effects on members of society in general, New York Magazine further reported. “Crypto has been abused by many people's perception of money. A lot of things don't feel real. And if you speed up…”

Before that, in September 2019, Sam Bankman-Fried, former CEO of disgraced cryptocurrency exchange FTX, tweeted about his use of stimulants and sleeping pills.

What goes up must come down

Bollard sees many patients using benzodiazepines. Benzodiazepines, which are street-labeled “depressants” or “benzos,” include commonly used drugs such as Xanax, Valium, and Ativan.

He believes that traders use these prescription drugs to deal with anxiety and insomnia; These symptoms can be caused by the high and low prices of the business and the use of stimulants. Bollard says that alcohol is used for the same purpose.

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

Although some patients who come through Weinstein's programs do not meet clinical diagnostic criteria for gambling disorder, they have a history of cryptocurrency trading experience and typically have an alcohol use disorder, stimulant use disorder, or both.

What is the link?

Addiction to cryptocurrency trading is becoming a problem for some members of the community. Like Weinstein, compulsive business addiction and drug addiction can go hand in hand. “Behavioral addiction and substance addiction have a lot of overlap in terms of risk factors, but especially from a neurobiological perspective,” says Weinstein.

A case study written by Dr. Harun Olkai Sonkurt of Anadolu Hospital in Turkey in 2022 presented a 30-year-old student who was a cryptocurrency trader and an alcoholic. The student started trading Bitcoin and soon added altcoins to his portfolio. A few months later he started trading on margin and then lost more than two years of salary. Unable to stop or control the business, the student struggled with restlessness and anger. His mind was constantly focused on price fluctuations and trade.

Sonkurt writes that “because of the high stress of high-energy trading, he drinks alcohol before trading.”

What happens to the brain?

Weinstein believes that behaviors such as alcohol and certain drugs can cause increases and decreases in the neurotransmitter dopamine, such as crypto trading. Dopamine is a chemical messenger produced by the body and used by the nervous system to send messages between cells.

“Activation of the brain's reward system by the neurotransmitter dopamine is a major factor in the development of addiction. The dopamine spike caused by a substance (or behavioral performance) helps reinforce that pleasurable feeling by making a connection between what triggers that feeling, and the desire to do it again,” Weinstein says.

According to Weinstein, the dopamine spike is followed by a crash. When this happens repeatedly, the extensive neural circuitry associated with the brain's reward system can be damaged, which will eventually have a negative effect on other areas of the brain.

The brain's habituation center and the area responsible for impulse control, as well as the part that controls feelings of anxiety, irritability, and depression, are all affected. “These are three brain regions that play a key role in the development of addiction,” Weinstein says.

Chronic behaviors such as addictive crypto trading and substance use alter brain circuitry and cause pathological changes. Weinstein says that at this point, individuals no longer have a choice. The brain has created new nerve connections, and the person wants the substance to work normally.

“If a person with a severe alcohol problem suddenly stops drinking, they are more likely to die because their bodies are so dependent on the substance. I've seen many patients compare their time in active addiction to starvation – it's not a choice or a need; It's a need. They don't wake up every day choosing to remain addicted to a substance,” says Weinstein.

Money doesn't make it better.

Some cryptocurrency traders who struggle with drug addiction lose everything, but some are very successful. Disciplined, experienced traders can make a lot of money very quickly. Even newbies can strike it rich in no time if they bet on the right coin.

Sonkurt's research student said, “I'm very happy that he can take advantage in minutes and make as much money as he can in months of work.”

Bollard believes that “having access to a lot of financial resources can make addiction worse if left untreated,” and Weinstein says that finding a way to sustain an addiction indefinitely can make it worse and prolong the damage.

Ease of access to the substance of choice suggests that cessation is less likely, all while reducing the negative consequences of addiction.

“Besides removing money and finding an addictive substance or activity, there are very few ways to motivate a person to seek help for their addiction,” Weinstein says. “Getting rich fast can create disorienting, pressures to change lifestyles and lead to drug addiction,” Bollard added.

What does treatment look like?

Boulard tailors treatment to the individual. Often, this includes toxicology and psychotherapy. It combines holistic therapies such as mindfulness training, yoga and dietary adjustments.

“We also include financial advice and educate our clients about sound business practices,” Bollard said.

Weinstein told the magazine, “CBT, or cognitive behavioral therapy, is the most common type of treatment in behavioral or behavioral addiction treatment. This treatment method helps individuals identify certain situations that may be triggers and help them avoid relapsing into the addictive behavior of the coping skills they have developed through treatment.

He feels that a person with behavioral addictions may have a co-occurring mental health condition. Treating both correctly and professionally will yield good results.

According to the National Institutes of Health, people who are addicted to drugs often have other health, legal, family, or social problems that must be addressed at the same time. “The best programs offer a combination of therapies and other services to meet a patient's individual needs,” says the NIH.

Can you treat yourself?

Bollard advises against it. Although it is not impossible to overcome addiction on your own, the long-term effects may be less.

“While it is theoretically possible to overcome addiction without formal treatment, professional help greatly improves the success rate and reduces the likelihood of relapse,” says Bollard.

According to the National Institute on Drug Abuse, there are strong relationships between drugs and related symptoms. When a person tries to stop using drugs, stressful experiences can lead to cravings and drug use again. “It is not uncommon to return to service after quitting or relapsing. And, like addiction itself, it's not a sign of weakness,” says NIDA.

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Mich. Even

Mitch is a writer who covers cryptocurrency, politics, the intersection between the two, and a few other unrelated topics. He believes that crypto is the future of finance and feels that he has opportunities to report on it.