{"id":17601,"date":"2023-11-24T22:06:39","date_gmt":"2023-11-25T03:06:39","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/substance-abuse-grows-among-crypto-traders-cointelegraph-magazine\/"},"modified":"2023-11-24T22:06:39","modified_gmt":"2023-11-25T03:06:39","slug":"substance-abuse-grows-among-crypto-traders-cointelegraph-magazine","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/substance-abuse-grows-among-crypto-traders-cointelegraph-magazine\/","title":{"rendered":"Substance abuse grows among crypto traders \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div style=\"overflow-x: hidden;\">\n<p><strong>Although documented statistics about cryptocurrency trading and substance abuse are hard to come by, addiction experts are treating an increasing number of crypto traders. <br \/><\/strong><br \/>Abdullah Boulad, founder and CEO at The Balance Luxury Rehab, tells Magazine that a number of crypto traders struggle with substance abuse. \u201cOur client base is diverse, but this is a unique demographic that we\u2019ve seen an increase in over the recent years,\u201d Boulad says.<\/p>\n<p>According to Boulad, the high intensity of cryptocurrency trading combined with 24\/7 accessibility encourages some to use stimulants to keep up the pace. \u201cSubstances like amphetamines, cocaine and even excessive caffeine use are common among these individuals,\u201d says Boulad.<\/p>\n<p>Caroline Ellison, the former CEO of Alameda Research, tweeted about the use of stimulants in April 2021.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">nothing like regular amphetamine use to make you appreciate how dumb a lot of normal, non-medicated human experience is<\/p>\n<p>\u2014 Caroline (@carolinecapital) <a href=\"https:\/\/twitter.com\/carolinecapital\/status\/1379036346300305408?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">April 5, 2021<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>New York Magazine subsequently <a href=\"https:\/\/nymag.com\/intelligencer\/2022\/11\/caroline-ellison-alameda-ftx.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">reported<\/a> that a successful trader who met with Ellison commented about her use of stimulants and their overall effects on members of the community. \u201cCrypto really fucked with a lot of people\u2019s perceptions of money. A lot of stuff doesn\u2019t feel real. And if you add speed \u2026\u201d<\/p>\n<p>Prior to that, in September 2019, the former CEO of disgraced cryptocurrency exchange FTX, Sam Bankman-Fried, tweeted about his use of stimulants and sleeping pills.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">a) stimulants when you wake up, sleeping pills if you need them when you sleep.<br \/>b) be mindful of where your headspace is: I often nap in the office so that my mind doesn&#8217;t leave work mode in between shifts.<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1173351344159117312?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">September 15, 2019<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2 class=\"wp-block-heading\" id=\"h-what-goes-up-must-come-down\"><strong>What goes up, must come down<\/strong><\/h2>\n<p>Boulad also sees a lot of patients who use benzodiazepines. Street-named \u201cdowners\u201d or \u201cbenzos,\u201d benzodiazepines include commonly used drugs like Xanax, Valium and Ativan.<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-25792\" width=\"722\" height=\"470\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4.jpg 912w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4-300x195.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4-770x502.jpg 770w\" data-lazy-sizes=\"(max-width: 722px) 100vw, 722px\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4.jpg\" alt=\"\" class=\"wp-image-25792\" width=\"722\" height=\"470\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4.jpg 912w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4-300x195.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image4-770x502.jpg 770w\" sizes=\"(max-width: 722px) 100vw, 722px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>5mg pills of Xanax. (U.S. DEA)<\/em><\/figcaption><\/figure>\n<p>He believes that traders use these prescription drugs to cope with anxiety and insomnia, symptoms likely created by the highs and lows of trading and by the use of the stimulants. Boulad says that alcohol is used for the same purpose.<\/p>\n<p>Dr. Lawrence Weinstein, chief medical officer at American Addiction Centers agrees. Weinstein tells Magazine, \u201cAlcohol use disorder is also common among those with a gambling disorder, of which cryptocurrency trading is a subtype.\u201d<\/p>\n<p>Although some patients who have come through Weinstein\u2019s programs don\u2019t necessarily meet the clinical diagnostic criteria for a gambling disorder, they do have a history of cryptocurrency trading experience and typically present with an alcohol use disorder, stimulant use disorder or both.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-what-s-the-link\"><strong>What\u2019s the link?<\/strong><\/h2>\n<p><a href=\"https:\/\/cointelegraph.com\/magazine\/cryptocurrency-trading-addiction-what-to-look-out-for-and-how-it-is-treated\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Cryptocurrency trading addiction<\/a> is increasingly becoming a problem for some members of the community. According to Weinstein, compulsive trading addiction and substance abuse can go hand in hand. \u201cBehavioral addictions and substance addictions have a lot of overlap in terms of risk factors, but especially from a neurobiological standpoint,\u201d Weinstein says.\u00a0<\/p>\n<p>A 2022 case study authored by Dr. Harun Olcay Sonkurt of Anadolu Hospital in Turkey <a href=\"https:\/\/hrcak.srce.hr\/file\/443600\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">presents<\/a> a 30-year-old research student addicted to cryptocurrency trading and alcohol. The student started out trading Bitcoin and soon added altcoins to his portfolio. After just a few months, he started to trade margins and subsequently lost more than two year\u2019s worth of his salary. Unable to stop or control his trading, the student struggled with restlessness and anger. His mind was constantly focused on price fluctuations and trades.\u00a0<\/p>\n<p>\u201cSince he experiences intense anxiety in trades with high leverage, he drinks alcohol before the trade,\u201d Sonkurt writes.\u00a0<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-what-happens-to-the-brain\"><strong>What happens to the brain?\u00a0<\/strong><\/h2>\n<p>Weinstein believes that behaviors like cryptocurrency trading can cause increases and decreases in the neurotransmitter dopamine, just like alcohol and some drugs. <a href=\"https:\/\/www.webmd.com\/mental-health\/what-is-dopamine\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Dopamine<\/a> is a chemical messenger that the body produces and that the nervous system uses to send messages between cells.\u00a0<\/p>\n<p>\u201cThe activation of the brain\u2019s reward system by the neurotransmitter dopamine is a significant factor in the development of an addiction. A dopamine spike caused by the use of a substance (or performance of a behavior) helps reinforce that enjoyable feeling by creating a link between the thing that elicits that feeling with the desire to do it again,\u201d Weinstein says.<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/andy-warhol-loved-or-hated-nfts\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>Andy Warhol would have loved (or possibly hated) NFTs<\/p>\n<p>                        <\/a>\n                    <\/div>\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/can-someone-explain-to-me-why-nft-clones-are-selling-for-so-much\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>NFT clone Punks: Right or wrong?<\/p>\n<p>                        <\/a>\n                    <\/div>\n<\/div>\n<\/div>\n<p>According to Weinstein, a dopamine spike is followed by a crash. When this happens repeatedly, the extensive neurocircuitry involved with the brain\u2019s reward system can be damaged, which eventually negatively affects other areas of the brain.\u00a0<\/p>\n<p>The brain\u2019s habit-forming center and the area responsible for impulse control, as well as the section controlling feelings of uneasiness, irritability and anxiety, are all affected. \u201cThese are also three regions of the brain that play a key role in the development of addiction,\u201d says Weinstein.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-25794\" width=\"579\" height=\"570\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1.jpg 800w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1-300x295.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1-770x757.jpg 770w\" data-lazy-sizes=\"(max-width: 579px) 100vw, 579px\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1.jpg\" alt=\"\" class=\"wp-image-25794\" width=\"579\" height=\"570\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1.jpg 800w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1-300x295.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/11\/image1-770x757.jpg 770w\" sizes=\"(max-width: 579px) 100vw, 579px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>Areas of the human brain that are especially important in addiction. (U.S. Department of Health and Human Services)<\/em><\/figcaption><\/figure>\n<p>Chronic behaviors like addictive crypto trading and the use of substances alter brain circuitry and cause pathological changes. Weinstein says that at this point, individuals no longer have the element of choice. The brain has created new neural connections, and the individual requires the substance to function normally.<\/p>\n<p>\u201cIf someone with a severe alcohol use disorder were to suddenly cease consumption, they run the very real risk of dying because the body has become so dependent on the substance. I\u2019ve seen many patients compare their time in active addiction to starvation \u2014 it\u2019s not a choice or a want; it\u2019s a need. They aren\u2019t waking up every day choosing to remain addicted to a substance,\u201d Weinstein says.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-money-doesn-t-make-it-any-better\"><strong>Money doesn\u2019t make it any better<\/strong><\/h2>\n<p>Although some cryptocurrency traders who struggle with substance abuse lose it all, some are very successful. Disciplined, experienced traders can make a lot of money very quickly. Even newbies can strike it rich for a little while if they bet on the right coin.\u00a0<\/p>\n<p>The student in Sonkurt\u2019s study says that he \u201cfinds it thrilling to earn the same amount of money as he earns by working for months with high leverage in minutes.\u201d<\/p>\n<p>Boulad believes that \u201caccess to vast financial resources can exacerbate substance abuse if it remains untreated,\u201d and Weinstein says that having the means to sustain an addiction indefinitely can make it worse and prolong it.<\/p>\n<p>He suggests that being able to acquire a chosen substance with ease disincentivizes stopping, all the while mitigating many of the addiction\u2019s negative consequences.<\/p>\n<p>\u201cAside from eliminating access to funds, and potentially access to the addictive substance or activity, there may be very few other avenues that would motivate the individual to seek help for their addiction,\u201d Weinstein says. \u201cThe speedy acquisition of wealth can be disorienting, can lead to lifestyle changes and can create pressures that make them more prone to substance abuse,\u201d Boulad adds.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-what-does-treatment-look-like\"><strong>What does treatment look like?<\/strong><\/h2>\n<p>Boulad tailors treatment to the individual. Usually, this includes detoxification and psychotherapy. He integrates holistic therapies like mindfulness training, yoga and dietary adjustments.<\/p>\n<p>\u201cWe also incorporate financial counseling and educate our clients about healthier trading habits,\u201d Boulad says.<\/p>\n<p>Weinstein tells Magzine that \u201cCBT or cognitive behavioral therapy is the most common form of therapy used in the treatment of process or behavioral addictions. This form of therapy helps individuals identify certain situations that can be triggering and utilize the coping skills they\u2019ve developed through therapy to prevent a relapse in the addictive behavior.\u201d\u00a0<\/p>\n<p>He feels that It\u2019s very likely that someone with a behavioral addiction has a co-occurring mental health condition. Properly and professionally treating both would yield the best outcomes.<\/p>\n<p><a href=\"https:\/\/nida.nih.gov\/sites\/default\/files\/podat-3rdEd-508.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">According<\/a> to the National Institute of Health, people addicted to drugs often suffer from other health, legal, familial or social problems that must be addressed simultaneously. The NIH says that \u201cthe best programs provide a combination of therapies and other services to meet an individual patient\u2019s needs.\u201d<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-is-it-possible-to-treat-yourself\"><strong>Is it possible to treat yourself?<\/strong><\/h2>\n<p>Boulad advises against it. Although it\u2019s not impossible to beat an addiction on your own, long-term outcomes may be less likely.<\/p>\n<p>\u201cWhile it\u2019s theoretically possible to overcome addiction without formal treatment, professional help dramatically improves success rates and reduces the likelihood of relapse,\u201d Boulad says.<\/p>\n<p><a href=\"https:\/\/nida.nih.gov\/videos\/why-are-drugs-so-hard-to-quit\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">According<\/a> to the National Institute on Drug Abuse, there are strong associations between drugs and related cues. When someone tries to stop using drugs, stressful experiences may lead to cravings and drug use again. \u201cReturning to use after stopping, or relapse, is not uncommon. And, like addiction itself, it\u2019s not a sign of weakness,\u201d says NIDA.<\/p>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\"\/><noscript><img src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/08\/Mitch-Eiven-1024x1024.jpg\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/08\/Mitch-Eiven-1024x1024.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Mitch Eiven<\/h2>\n<p>Mitch is a writer who covers cryptocurrency, politics, the intersection between the two and a handful of other, unrelated topics. He believes that crypto is the future of finance and feels privileged that he has opportunities to report on it.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/crypto-substance-abuse-traders-trading\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although documented statistics about cryptocurrency trading and substance abuse are hard to come by, addiction experts are treating an increasing number of crypto traders. Abdullah Boulad, founder and CEO at The Balance Luxury Rehab, tells Magazine that a number of crypto traders struggle with substance abuse. \u201cOur client base is diverse, but this is a unique demographic that we\u2019ve seen an increase in over the recent years,\u201d Boulad says. According to Boulad, the high intensity of cryptocurrency trading combined with 24\/7 accessibility encourages some to use stimulants to keep up&hellip;<\/p>\n","protected":false},"author":1,"featured_media":17602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[34],"tags":[7341,3366,148,133,2399,130,7340,278],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17601"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=17601"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/17602"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=17601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=17601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=17601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}