April 28, 2022 – Therapists, such as Aaron Sternlicht of New York, say they are seeing an influx of people seeking help for crypto addiction, though treatment is available for only a privileged few.  Sternlicht and his wife, Lin, a husband-and-wife therapist team in New York who treat cryptocurrency addiction, said they have seen a roughly 40 percent rise in people from all over the world calling to get their crypto-tailored therapy services. Their services cost $2,500 for a consultation and $25,000 for a 45-day therapy treatment plan that is more intensive than traditional forms of talk therapy. To treat the addiction, they meet with family members, have access to bank accounts and meet with patients multiple times a week.  Most of their clients come for help when they are over six figures in debt, have ruined their relationships, face significant bouts of depression and carry other addictions, particularly to alcohol, cocaine and Adderall. Aaron Sternlicht added that people who come to their practice usually have significant wealth, but for those without much means, seeking treatment can be difficult.

The American Psychological Association has not classified cryptocurrency addiction as a subset of gambling addiction, Sternlicht said, which creates a gray area that allows many insurance companies to decline coverage for crypto-related addiction therapy.

“There’s not enough research in it to really have it be diagnosable yet,” he said.