A British man has shared his story of how his cryptocurrency addiction led to criminal charges and was hospitalized for drug treatment. He lost over a million dollars in other people’s money trying to copy his previous success in cryptocurrency trading.
Crypto addiction is on the rise, with one hospital treating over 100 crypto addicts
A British man shares his story of how his cryptocurrency addiction made him a criminal, BBC Reported. Referring to him as Jake, the publication noted on Sunday that he is currently being treated at one of the only hospitals in the UK that treats people prone to gambling on the value of cryptocurrency. His identity has not been disclosed as he is still undergoing treatment at the hospital.
Jake lost millions of pounds trading cryptocurrency. He first bought bitcoin in 2015 but his addiction problems started only a few years back. “I can pinpoint the exact moment it became a problem,” he described. “I wiped out the amount I had put aside, but I entered a trade, and I was ready to risk the last amount I had.” He continued:
I made back everything I lost in a single trade. The feeling was one of absolute excitement.
This fervent spirit coupled with problems in his marriage and personal life quickly turned him into a crypto trading addict.
At the time, he was working at a job where he was in charge of millions of pounds of other people’s money. They soon began trading with clients’ money, in a bid to mimic their previous cryptocurrency trading success. He shared: “The first time I took it, I lost it in about 20 minutes a night. The market moved too fast and I ended everything.
Jake faced criminal charges for embezzlement, but was able to pay his employer £1.5 million with the help of his family. Now he is getting treatment for his addiction.
There are no statistics on the number of people with a serious addiction to cryptocurrency trading. However, Tony Marini, lead counselor at the Bitcoin Addiction Clinic at Castle Craig Hospital in Peebles, said he is seeing an increase in the number of drug addicts in Scotland. Over the years, the clinic has treated over 100 people for cryptocurrency addictions.
While there are people who have lost money to cryptocurrency or crypto scams, there are also those who believe that cryptocurrency has saved them from financial ruin, especially during the coronavirus pandemic.
Cameron is a freelance musician who has been seriously hurt by the COVID-19 crisis and the subsequent lockdown, the publication reported. He said the situation was “devastating” for him because “gigs ended, schools closed, all my sources of income completely disappeared.” He decided to invest in cryptocurrencies during the lockdown in March last year. “It’s been a really great year of increasing the value of these properties where, at least for the short term, I wouldn’t have any financial worries… it’s been such a relief.”
What do you think about people with crypto addiction? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell a product, services, or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused or in connection with the use or reliance on any content, goods or services mentioned in this article.