Substance Abuse Rises Among Cryptocurrency Traders – Cointelegraph Magazine

Documented statistics on cryptocurrency trading and substance abuse are difficult to come by, but addiction specialists are treating a growing number of cryptocurrency traders.

Abdullah Boulad, founder and CEO of The Balance Luxury Rehab, told the magazine that many cryptocurrency traders struggle with substance abuse. “Our customer base is diverse, but it is a unique demographic that has seen growth in recent years,” Boulad says.

According to Boulad, the high intensity of cryptocurrency trading combined with 24/7 accessibility encourages some people to use stimulants to keep up with the pace. “Using substances such as amphetamines, cocaine and even excessive caffeine is common among these individuals,” says Boulad.

Caroline Ellison, former CEO of Alameda Research, tweeted about stimulant use in April 2021.

New York Magazine later reported that a successful trader who met Ellison commented on her use of stimulants and the overall impact it had on members of the community. “Crypto has really ruined a lot of people’s perception of money. A lot of things don’t feel real. And if you add speed… ”

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

What goes up must come down

Boulad also sees many patients using benzodiazepines. Benzodiazepines, whose street names are “downers” or “benzos,” include commonly used drugs such as Xanax, Valium, and Ativan.

He believes traders use these prescription drugs to cope with anxiety and insomnia, symptoms that can arise from the highs and lows of trading and the use of stimulants. Boulad says alcohol is also used for the same purpose.

Dr. Lawrence Weinstein, chief medical officer of American Addiction Centers, agrees. “Alcohol use disorders are also common in people with gambling disorders, of which cryptocurrency trading is a subtype,” Weinstein told the magazine.

Some patients who come through Weinstein’s program do not necessarily meet clinical diagnostic criteria for gambling disorder, but have experience trading cryptocurrency and typically exhibit alcohol use disorder, stimulant use disorder, or both.

What is the link?

Cryptocurrency trading addiction is becoming a growing problem for some members of the community. According to Weinstein, compulsive trading addiction and substance abuse can go together. “Behavioral addiction and drug addiction have a lot of overlap in terms of risk factors, but especially from a neurobiological perspective,” says Weinstein.

A 2022 case study written by Dr. Harun Olcay Sonkurt of Anadolu Hospital in Turkey introduces a 30-year-old research student addicted to cryptocurrency trading and alcohol. The student started trading Bitcoin and soon added altcoins to his portfolio. Just a few months later, he started margin trading and lost more than two years’ worth of salary as a result. Unable to stop or control his own dealings, the student suffered from restlessness and anger. His mind was constantly focused on price movements and trading.

“He drinks before trading because he experiences extreme anxiety on highly leveraged trades,” Sonkurt wrote.

What happens to the brain?

Weinstein believes that activities such as cryptocurrency trading can cause increases and decreases in the neurotransmitter dopamine, much like alcohol or some drugs. Dopamine is a chemical messenger that the body produces and that the nervous system uses to send messages between cells.

“Activation of the brain reward system by the neurotransmitter dopamine is an important factor in the development of addiction. “The dopamine surge that comes from using a substance (or performing a behavior) helps strengthen pleasurable feelings by creating a connection between what evokes that feeling and the desire to do it again,” says Weinstein.

According to Weinstein, the dopamine surge is followed by a crash. When this happens repeatedly, it can damage extensive neural circuits associated with the brain’s reward system, which can eventually have negative effects on other areas of the brain.

The brain’s habit-forming centers and areas responsible for impulse control, as well as areas that control feelings of anxiety, irritability, and anxiety, are all affected. “These are also three areas of the brain that play a role in the development of addiction,” says Weinstein.

Chronic behaviors such as addictive cryptocurrency trading and substance use alter brain circuits and cause pathological changes. Weinstein says that at this point, individuals no longer have a choice. The brain has created new neural connections and the individual requires substances to function normally.

“If a person with a serious alcohol use disorder suddenly stops drinking, there is a very high risk of death because their body has become so dependent on the alcoholic substance. I have seen many patients compare their time in active intoxication to starvation. This is not a choice or a desire. It is necessary. They don’t wake up every day and choose to remain addicted to a substance,” Weinstein says.

Money doesn’t make things better

Some cryptocurrency traders who struggle with substance abuse lose everything, while others become very successful. A trained and experienced trader can make a lot of money very quickly. Even if you are a beginner, betting on the right coins can make you rich for a while.

Students in Sonkurt’s study say they “find it exhilarating to be able to earn the same amount of money in a matter of minutes, with high leverage, as they would have earned by working for months.”

Boulad believes that “access to vast financial resources can make substance abuse worse if left untreated,” while Weinstein says having the means to sustain an addiction indefinitely can worsen and prolong it.

He suggests that when the substance of choice is easily obtainable, people lose motivation to quit, mitigating the negative consequences of addiction.

“Other than cutting off access to funds and potential access to addictive substances or activities, there may be few other ways to motivate individuals to seek help for addiction,” Weinstein says. “The quick acquisition of wealth can be disorienting, lead to lifestyle changes and put pressure on people to make them more vulnerable to substance abuse,” Boulad adds.

How does treatment proceed?

Boulad tailors treatment to the individual. Typically, this includes detox and psychotherapy. He integrates holistic treatments such as mindfulness training, yoga, and dietary modifications.

“We also incorporate financial counseling and educate our clients on healthier trading habits,” says Boulad.

Weinstein tells Magzine: “CBT, or cognitive behavioral therapy, is the most common form of therapy used to treat process or behavioral addictions. This form of treatment helps individuals identify and utilize specific situations that may trigger the coping skills they have developed through treatment to prevent relapse of addictive behaviors.”

He believes it is very likely that people with behavioral addictions also suffer from mental health issues. Proper and professional treatment will give you the best results.

According to the National Institute of Health, people addicted to drugs often suffer from other health, legal, family or social issues that must be addressed simultaneously. The NIH says, “The best programs are those that offer a combination of therapies and other services to meet the needs of individual patients.”

Can you treat yourself?

Boulad advises against this. Although it is not impossible to overcome addiction on your own, it may be unlikely to achieve long-term results.

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

According to the National Institute on Drug Abuse, there is a strong connection between drugs and their associated signals. When someone is trying to stop using drugs, stressful experiences can lead to cravings and drug use again. “It is not uncommon to resume use after stopping or relapsing. And, like addiction itself, it is not a sign of weakness,” says NIDA.

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Mitch Iven

Mitch is a writer who covers cryptocurrency, politics, the intersection between the two, and other unrelated topics. He believes cryptocurrencies are the future of finance and is honored to have the opportunity to report on them.