addiction treatment, bitcoin addiction, criminal charges, crypto addiction, cryptocurrency additction, hospital, hospital bitcoin addiction, hospital crypto addition, trading addiction

A British man has shared his story of how his cryptocurrency addiction has led to criminal charges and landed him in a hospital for addiction treatment. He lost more than a million dollars of other people’s money trying to duplicate his previous success in cryptocurrency trading.

Crypto Addiction on the Rise, One Hospital Is Treating Over 100 Crypto Addicts

A British man has shared his story of how his cryptocurrency addiction turned him into a criminal, the BBC reported. 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. His identity is not disclosed due to him still being treated at the hospital.

Jake lost millions of pounds trading cryptocurrencies. He first bought bitcoin in 2015 but his addiction problem only started a couple of years ago. “I can pinpoint the exact moment it became a problem,†he described. “I had been eroding the sum I put aside, but I entered a trade, and I was willing to risk that last amount I had.†He continued:

This euphoric feeling 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 was in charge of millions of pounds of other people’s money. He soon began trading with clients’ money hoping to duplicate his previous cryptocurrency trading success. He shared: “The first time I took it, I lost it all in about 20 minutes one night. The market moved very rapidly and I liquidated everything.â€

Jake faced criminal charges for embezzlement but was able to pay his employer back 1.5 million pounds with the help of his family. He is now in treatment for his addiction.

There are no stats on the number of people with a severe addiction to cryptocurrency trading. However, Tony Marini, the lead counselor at the bitcoin addiction clinic at Castle Craig hospital in Peebles, said they are seeing an increasing number of addicted individuals in Scotland. In the past few years, the clinic has treated over 100 people for cryptocurrency addictions.

While there are people who have lost money trading cryptocurrencies or to crypto scams, there are also those who vow that cryptocurrency has saved them from financial ruin, particularly during the coronavirus pandemic.

Cameron is a freelance musician who has been severely hurt by the Covid-19 crisis and the subsequent lockdown, the publication conveyed. He said the situation was “devastating†for him as “Gigs came to an end, schools closed, all my sources of income completely vanished.†He decided to invest in cryptocurrency when the lockdown hit in March last year. “It’s been a really great year of these assets increasing in value to the point where, at least for the short-term, I’m not going to have any financial worries … It’s been such a relief.â€

What do you think about people with crypto addiction? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, 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 caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Cape Cod’s Largest Hospital Gets Bitcoin Donations Worth $800K

One of Cape Cod’s largest hospitals received two bitcoin donations this year totaling $800,000 in value. The Massachusetts-based not-for-profit medical centre (NPO), Cape Cod Healthcare, explained that an anonymous donor donated $400k last Friday and the NPO received a $400k bitcoin donation last month as well. Cape Cod Healthcare Gets $800K in Bitcoin Donations The […]

Xem chi tiết: Cape Cod’s Largest Hospital Gets Bitcoin Donations Worth $800K

Concordium Debuts its Business-Oriented Blockchain Mainnet

After years of development, Concordium has unveiled its permissionless blockchain and MVP that is designed to meet the needs of enterprises by delivering transparency and governance, all with an orientation towards protecting user privacy. Identity-Centric Network to Promote Broader Business Adoption Although blockchain’s novel characteristics are not in dispute, corporate adoption of distributed ledger technology […]

Xem chi tiết: Concordium Debuts its Business-Oriented Blockchain Mainnet

Doge in Brooklyn: A Local Apparel Store Starts Accepting the Famed Crypto

On the heels of the SpaceX announcement that the company accepted dogecoin as payment, an apparel store on Brooklyn’s colorful Flatbush Avenue took the jump as well into the deep, cold Doge waters. Brick-and-Mortar Is Another Brick in the Crypto Adoption Wall Crypto adoption has been widely and thoroughly discussed in the media and on […]

Xem chi tiết: Doge in Brooklyn: A Local Apparel Store Starts Accepting the Famed Crypto

Iran’s President Wants Crypto ‘Laws and Instructions’ Implemented as Soon as Possible

Iranian president Hassan Rouhani discussed cryptocurrencies at the most recent meeting of the government’s Economic Coordination Board and told participants that regulatory policy is needed to protect consumers. Rouhani believes the Iranian government should “communicate the necessary laws and instructions†as soon as possible so dishonorable crypto businesses are avoided. Regulation Necessary to Keep ‘Unprofessional’ […]

Xem chi tiết: Iran’s President Wants Crypto ‘Laws and Instructions’ Implemented as Soon as Possible

South African Court Submissions Expose Lies and Deceptive Tactics Used to Perpetuate MTI Bitcoin Ponzi Scheme

New submissions by a South African regulator, the Financial Sector Conduct Authority (FSCA) and liquidators have exposed the web of lies and deceptive tactics that were used by Mirror Trading International (MTI) CEO Johann Steynberg and others to perpetuate the Ponzi scheme. Undeclared Losses In its report filed with the South African court, the regulator […]

Xem chi tiết: South African Court Submissions Expose Lies and Deceptive Tactics Used to Perpetuate MTI Bitcoin Ponzi Scheme

Denmark to Revise Tax Law to Target Cryptocurrencies

The Danish tax ministry is reportedly mulling over revising the country’s tax law to deal with the challenges posed by cryptocurrencies. Denmark’s tax authority is concerned about the rising risk of fraud and widespread filing errors involving cryptocurrencies. Denmark to Revamp Tax Law to Deal With Cryptocurrency Denmark is considering revamping its tax code in […]

Xem chi tiết: Denmark to Revise Tax Law to Target Cryptocurrencies

Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

An official notice stemming from the Changji prefecture government in Xinjiang details that officials from the Zhundong Economic-Technological Development Park must instruct bitcoin miners to shut down. China’s province of Xinjiang is a highly concentrated region of bitcoin miners and bitcoin activities at the park must cease by June 9, according to the document. Nevertheless, […]

Xem chi tiết: Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

$160 Billion Asset Manager Entering Crypto Market in Collaboration With Nasdaq

An asset management firm with nearly $160 billion in assets under management, Victory Capital, has announced that it is entering the cryptocurrency market. The firm has established exclusive agreements with Nasdaq and asset manager Hashdex. Asset Management Firm Entering Crypto Market Victory Capital Holdings Inc. (Nasdaq: VCTR) unveiled its plans to enter the cryptocurrency market […]

Xem chi tiết: $160 Billion Asset Manager Entering Crypto Market in Collaboration With Nasdaq

Coinbase Says Interest From Pension Funds and Hedge Funds Has Skyrocketed, Institutional Holdings Soar 170%

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

The First DeFi & NFT Social Media Project, Torum Announces NFT Launchpad

Uganda Museum Collaborates With Software Development Firm to Create NFTs for Display on Binance Marketplace

Warren Buffett’s Berkshire Hathaway Invests in Bitcoin-Friendly Digital Bank

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Crypto Payments App Bottlepay Is Now Available Across Europe