- The volatile nature of cryptocurrencies has led to a generation of ‘crypto addicts’
- An extravagant rehab industry has now emerged to treat the affluent traders
- We look inside the lavish facilities with spas, yoga and golfing, but no requirement for you to give up your devices to keep off trading apps
Cryptocurrencies enjoyed huge growth over the past decade, but the market’s volatile nature created a generation of ‘crypto addicts’ seeking minute-by-minute updates. Now, there’s a luxurious rehab industry to help them – for exorbitant fees.
Traders in the $1.21 trillion crypto market get hooked on the dopamine high when their investments rise, so end up chasing big gains and fretfully watching losses. Many find it especially hard to cope during downturns like the one of the past year.
Huge losses are obviously stressful but clearly the crypto addicts checking into these extravagant rehab centers – where a month’s stay can cost up to $400,000 – have plenty of Bitcoin left.
The centers are cropping up worldwide to help wean people off crypto and include stays on private yachts, a chauffeur-driven Bentley and a personal chef. Patients are waited on by hospitality staff with access to spas, yoga and dance lessons, golfing and boat trips. They also have a 24-hour live-in counselor and access to medical specialists.
Experts say crypto addicts should be treated the same way as gambling addicts – with four weeks of abstinence. However, the lavish facilities below involve a tailored program and don’t require you to give up your devices to keep off trading apps.
Paracelsus Recovery in Zurich, Switzerland: $400,000
A four-week program for crypto addiction at the Paracelsus Recovery rehab center in Zurich, Switzerland costs $400,000.
It describes itself as ‘the world’s most private and discreet addiction and mental health clinic’ and offers clients a private and luxurious residency in view of Lake Zurich to battle their addiction.
The services include use of Bentley limousines to take you around the city sights and to the nearby ski resort where you are paired up with your own ski instructor.
And for those who find themselves bored they can ask for a piano, high-end sound systems, and VR games console.
Patients have access to a private chef and maid, a private client suite combined with a separate suite for a 24-hour live-in therapist.
The treatment involves a tailored rehab program which includes a customized diet plan, acupuncture, yoga and sometimes medication.
Paracelsus Recovery began offering rehab for cryptocurrency addiction in 2021 and it treats around a dozen clients, mostly men in their mid-30s, each year.
‘The decision came naturally,’ its chief executive officer Jan Gerber told Dailymail.com. ‘We treated well off clients who came to us for various reasons and more often their trading habits were very problematic.
‘There are a lot of similarities with gambling and people often take loans from friends, family and loan sharks to cover their losses and win it back.’
One client came to the facility after losing more than $10million in a crypto market crash.
He had spent decades building up his own company before he sold it and saw a large portion of the fee disappear overnight.
Patients at Paracelsus Recovery are not required to give up their phones and devices to prevent them from being exposed to triggers.
Gerber said: ‘It is completely individual, it tends not to work too well with wealthier clientele.
‘The best thing to do is take a long pause or sell it all together and commit to abstinence.
‘If it Is forced there is a subconscious resistance and that will not lead to anything.’
It offers treatment programs for dependencies including drug, alcohol and gambling, eating disorders, mental health conditions and offers holistic treatment to heart disease and cancer.
The Balance in Majorca, Spain: $320,000
The Balance is a rehabilitation center on the Spanish island of Majorca and a typical four-week stay to help with your crypto addiction can cost as much as $320,000.
It lauds itself as the ‘world’s best luxury rehab center and mental health clinic’ and patients can stay on a private yacht, a beachfront villa or in sprawling mansions in the Majorca countryside.
Each person is accompanied by a live-in counselor who stays with them 24 hours a day, and they are provided access to 70 medical specialists and a private chef.
The facility also has a private spa for patients to relax, yoga, dance lessons and bike rides and guests can explore a curated list of the island’s most beautiful locations.
A 12-step program is provided to crypto addicts which helps them set important boundaries at the center which first began the crypto program around 2019.
Its chief executive officer and founder Abdullah Boulad said he sees around 100 clients a year and most are male entrepreneurs between 30 and 35.
‘We’ve seen an increased amount of issues around crypto and we felt it was important for people to see there is some help out there for his specific problem.
‘Crypto addiction starts at a very young age because it has this greed of getting rich in a short amount of time- similar to gambling.
‘It’s like a casino in your pocket with no closing of the market like trading and is always available at your fingertip.
‘There are more people coming specially for crypto addiction and this has been intensified with the crash.’
Clients aren’t required to go cold turkey or completely disconnect from their device.
Boulad said: ‘We do not work in a way like that but we try to explain and create an understanding on the behavior with phones and computers we try to explain the necessity of reducing the use of it.’
The Balance also offers treatment programs for alcoholism, drug abuse, anxiety, burnout, depression, post-traumatic stress disorders and eating disorders.
It has 10 properties across Spain, the UK and Switzerland and bills itself as a ‘safe haven where you can find recovery, peace, rest, and happiness.’
The Diamond in Phuket, Thailand: $25,000
Those seeking treatment for crypto addiction will save hundreds of thousands of dollars if they travel to The Diamond in Phuket, Thailand for rehab.
The luxury center is priced at $25,000 for four weeks of treatment and its 15 rooms boast stunning views as it sits on top of a mountain overlooking the Andaman Sea.
It boasts ‘five-star facilities’ and patients have access to a private swimming pool in their room, premium restaurants, and a luxury spa.
Golfing, boat trips and various other activities are also available to the clients.
Patients have the freedom to do anything they want on the island as long as it doesn’t involve alcohol, drugs or gambling but they will be accompanied by a member of staff.
There are five clinical psychologists, four clinical addiction counselors, a psychiatrist, 24-7 nursing staff, four clinical support staff, and eight hospitality staff members on standby.
The rehab center, which also offers treatment for alcoholism, drugs, eating disorders and mental health issues, promises to treat any addiction while minimizing the risk of relapse with a tailored 12 step program.
It first began offering help for crypto addiction at the beginning of 2021 and they receive around 10 patients a year.
Theo de Vries, managing director at The Diamond luxury rehabilitation center, said most of their clients are high-end male executives who are aged between 35 to 55.
They travel all the way to Thailand for a tailored rehab program in the comfort of complete anonymity.
The patients are allowed access to their phones throughout their stay and de Vries says this is a kind of exposure therapy to help prepare them for the triggers of the outside world.
He said: ‘Most of our clients are executives, they still have jobs and lots of responsibilities and we do not believe in taking away devices.
‘It’s not like an alcoholic where you say you can never drink again. These people still have to go to work where they can go on whatever website they use for cryptotrading.
‘The first time they see a laptop or phone you have a problem.’
The trading frenzy in digital currencies was spurred on by the pandemic and the volatile nature of the market and it draws strong parallels with gambling.
However, it is also more addictive because of how unstable cryptocurrencies are and it leaves people glaring at their trades around the clock.
Bitcoin was the first cryptocurrency and it began trading at $0.0008 in 2010 and it enjoyed an exponential rise before peaking at $64,000 in November 2021.
But it has since come tumbling down and is worth around $28,000 today as the crypto market battles industry turmoil and higher interest rates.
While Dogecoin, a meme-based virtual currency which billionaire Elon Musk supported, was once valued at $78billion in May 2021 but it’s worth just $10.78billion today.
And more than $70billion was wiped off the crypto market in just 24 hours on March 10 following the collapse of Silvergate Capital, a major lender in the industry.
Silicon Valley Bank shut down on the same day and the Federal Deposit Insurance Corporation took control of its assets, making it the second largest banking failure in the US since the 2008 financial crisis.
Crypto addiction ‘centers around the brain’s reward system,’ and traders develop a dependency on the dopamine high they get when their investment increases, according to New York-based Family Addiction Specialist Aaron Sternlicht.
The clear signs someone has a problem include lying, stealing, debt; inability to relax or sleep; monitoring crypto prices at all hours; and trading at the expense of relationships, career and education opportunities.
He has seen a sharp rise in the number of people seeking treatment during the crypto market crash last year.
Anna Lembke, a psychiatry professor at Stanford University and the head of the Stanford Addiction Medicine Dual Diagnosis Clinic, described cryptocurrency as ‘glorified gambling’ as both ‘involve the pursuit of monetary gain in a high volume and quick returns’.
She called for the industry to be regulated and said: ‘Companies should put a percentage of their profits back into society to treat people who are addicted to cryptocurrency trading.
‘The difference is crypto is socially acceptable and culturally cool but gambling is seen as down and out so young folk are drawn to crypto.’
The treatment for crypto addiction is largely similar to other addictions, according to her, and it should begin with four weeks of abstinence from trading or viewing so patients can be helped manage withdrawal symptoms which can lead to irritability and insomnia.
‘No crypto trading or viewing for at least four weeks, which gives the brain a chance to reset reward pathways. The [withdrawal] symptoms are usually time-limited and can be managed with emotional support and reassurance that they will eventually go away,’ Ms Lembke said.
But the luxury rehab centers allow you access to your phone and she believes this means patients are wasting their money.
‘I don’t think that’s going to be an effective form of treatment. You are flushing your money down the toilet,’ she added.
‘What’s the point of going to rehab if you have unfettered access to your phone?’
Crypto addicts need help setting up boundaries for time limits on trades, a stop-loss maximum and instructions to sell a coin when it reaches a certain price to guard them against excessive losses.
