Back to the list

As cryptocurrency becomes more widespread, many people are developing a new addiction

www.thecoinrepublic.com 28 July 2021 19:37, UTC
Reading time: ~3 m

  • A British guy has revealed how his bitcoin addiction led to him becoming a criminal
  • Jake was a millionaire bitcoin trader who lost a lot of money
  • There are no statistics on how many people are addicted to cryptocurrency trading

A British guy has spoken up about how his cryptocurrency addiction led to criminal prosecution and treatment in a hospital for addiction. He lost over a million dollars of other people’s money in an attempt to replicate his prior bitcoin trading success.

Crypto Addiction is on the Rise, with Over 100 Crypto Addicts Being Treated at One Hospital

According to the BBC, a British man has shared his story of how his cryptocurrency addiction turned him into a criminal. Referring to him as Jake, the publication noted Sunday that he is currently in treatment at one of the only hospitals in the U.K. that treats people obsessed with gambling on the value of cryptocurrencies. Because he is currently being treated at the hospital, his identity will not be revealed.

Jake was a cryptocurrency trader who lost millions of pounds. He first purchased bitcoin in 2015, but his addiction only began a few years later. He mentioned how he can pinpoint the exact moment it became a problem. He had been depleting the funds he had set aside, but he had made a trade and was willing to risk the rest of his savings. He went on to say that he was able to recoup almost all of my losses in a single trade. The sensation was one of utter bliss.

Issues of crypto addiction

This euphoria, along with issues in his marital and personal life, swiftly turned him into a cryptocurrency trader. He was working at the time in a position where he was in charge of millions of pounds of other people’s money. He quickly began trading with his client’s funds in the hopes of repeating his prior cryptocurrency trading success. He revealed that the first time he tried it, he lost all of his money in around 20 minutes one night. He liquidated everything since the market moved so quickly. Jake faced criminal accusations for embezzlement, but with the support of his family, he was able to repay his employer 1.5 million pounds. His addiction is now being treated.

There are no statistics on how many people are addicted to cryptocurrency trading. However, Tony Marini, the main counselor at the Castle Craig hospital in Peebles’ bitcoin addiction center, claimed they are noticing an increase in the number of addicts in Scotland. Over 100 people have been treated at the facility for cryptocurrency addiction in the last several years. While some people have lost money trading cryptocurrencies or falling victim to crypto scams, others claim that bitcoin has spared them from financial disaster, especially during the coronavirus outbreak.

According to the magazine, Cameron is a freelance musician who has been gravely harmed by the Covid-19 issue and subsequent shutdown. He described the situation as devastating since gigs ended, schools shuttered, and all of my sources of money evaporated totally. When the blockade was imposed in March of last year, he decided to invest in cryptocurrency. It’s been a fantastic year for these assets, with their value increasing to the point where, at least in the short term, he won’t have any financial issues… It’s been a huge weight lifted off his shoulders.

Back to the list