Cryptocurrency addiction has far-reaching consequences for the person with the disorder and their friends and family. It can cause relationship conflicts, financial hardship, job loss, illegal behavior and severe emotional issues.
This blog explains how to support a loved one struggling with cryptocurrency addiction and where to get professional help.
What is a crypto addiction?
“Crypto addiction” is a fairly recent behavioral addiction because Bitcoin – the first digital currency – was only invented in 2009. As cryptocurrency trading has become more mainstream, an increasing number of people are experiencing what can be referred to as cryptocurrency addiction. Sufferers compulsively trade in cryptocurrencies to the extent that it takes over their lives and the effects are as damaging as gambling addiction.
Cryptocurrency addiction warning signs
If you’re concerned that a loved one may have an unhealthy relationship with cryptocurrency, it’s important to know how to recognize the signs and symptoms of a cryptocurrency addiction problem. They include constantly monitoring price fluctuations, compulsively planning and researching new virtual currencies, and making repeated attempts to slow down or stop cryptocurrency trading without success.
For the full list of warning signs, please read Cryptocurrency Addiction: Signs, Symptoms, Treatment and then ask your loved one to take our gambling disorder test.
7 ways to support a loved one with cryptocurrency addiction
Addiction is often referred to as a family disease because the chaos, confusion and suffering it causes affects not only the addicted person but their entire family. If your loved one’s cryptocurrency trading habit has become a problem, you might be at a loss about what to do. It’s not always easy to help someone who has an addiction, but your loved one will have a greater chance of recovery with your assistance. Here are some ways that you can support them:
Look after yourself
Family members often neglect their own health and well-being if a loved one has cryptocurrency addiction. Living with someone who has an addiction is stressful and dealing with their needs and demands can become all consuming. It’s important that you take care of your own physical and mental health and seek support if you’re struggling. In order to help your loved one, you need to look after yourself first.
Learn about cryptocurrency and addiction
It would be useful to have a basic understanding of cryptocurrency so you’re on the same wavelength as your loved one when talking about Bitcoin, Ethereum and other alternative coins. This will be a helpful read: Cryptocurrency: Is it Investing or Gambling? Equally, a basic understanding of gambling addiction (which is similar to cryptocurrency addiction) will put you in a better position you to help your loved one.
Cryptocurrency addiction can place significant strain on close relationships and be emotionally draining for the whole family. That’s why it’s vital to set boundaries and refuse to tolerate unhealthy behaviors. This could include not doing anything that facilitates your loved one’s cryptocurrency addiction such as supporting them financially, turning a blind eye to mounting debt or lying to cover up their addiction. Let them know that you love them but cannot allow the situation to continue.
Listen and empathize
It’s perfectly normal to feel resentment, anger and animosity towards a loved one with cryptocurrency addiction, especially if their behavior is causing havoc and misery. However, arguing, shouting and engaging in other unhealthy forms of communication will not improve the situation. Listening to your loved one can be a meaningful form of support and give you a better understanding of their issues. Don’t be surprised if they bring up things you have said or done that have contributed to their addiction. Try to stay calm and be empathetic. They are much more likely to be receptive to professional support if you can establish trust and keep lines of communication open. It’s important that you are honest about your feelings too. Tell your loved one what living with their addiction is like for you and other members of the family. Try not to blame or criticize them – simply say what life is like in your shoes.
Remove or reduce triggers
Your loved one may have tried to cut down or stop cryptocurrency trading and associated activities without success. This may be because they’re surrounded by triggers that make it impossible to avoid temptation. It might be difficult remove all triggers from your home but there are certain steps you can take to make your living environment safer – for example, removing or restricting your loved one’s access to financial newspapers, magazines, websites and news channels. Bank statements, credit cards, bills and anything related to money may also serve as a reminder of crypto trading so try to limit your loved one’s exposure or even temporarily oversee their finances.
Encourage healthy habits and activities
It’s common for people with cryptocurrency addiction to have co-existing mental health problems such as stress, anxiety, depression or digital addiction. Instead of demanding that your loved one follows a healthier lifestyle, the best way to encourage it is to adopt better habits yourself and trying to involve them – for example, eating a healthy diet, getting enough sleep, doing more exercise or cutting out alcohol, nicotine and drugs. Introducing other activities is also a great distraction from excessive screen time and cryptocurrency trading. Living a healthier and more active lifestyle has numerous benefits – as well as improving the physical and mental health of you and your loved one, it’s likely to bring you closer together.
Suggest professional treatment
The sooner your loved one receives treatment for their cryptocurrency addiction, the easier it will be to stop the progression of this destructive disorder. However, facilities offering immediate specialist care are not widely available across the US.
At Kindbridge, we offer expert treatment for cryptocurrency addiction, including individual, family and couple’s therapy. Our online teletherapy is accessible straight away from the comfort of your home, or anywhere else with an internet connection. We’ll match your loved one to a highly-trained therapist who will tailor a cryptocurrency addiction treatment plan suited to their specific needs.
Get in touch today to book a free and confidential 30-minute consultation.