Castles in Scotland. Chalets in Mallorca. Chalet in Switzerland. Have some fun in the cryptocurrency market and here are some newly opened trendy cryptocurrency rehab centers.
Still if there is a chance.
Abdullah Bulad, who runs several drug rehabilitation centers in Mallorca, is part of a group of medical professionals, lawyers and policy experts who say the cryptocurrency business is more of a game than a game. Refers to other financial instruments.
For example, it is distinguished by trading in shares for quick profits and a permanent presence in the market. Trading floors close at the end of the day and on weekends, and retail investors cannot stay up all night to make or lose money.
"Cryptocurrency is something you have 24/7," Bullad said. So you play the casino in your pocket."
Bullad says that the way to get rid of cryptocurrency is not far from gambling addiction. Cryptocurrency trading can engage the reward and adrenaline centers in the brain, so treatment options are the same.
“He's also very fast. You can lose a lot and win a lot,” he said. "You can really change your life and win or lose a lot of money."
Mental health professionals aren't the only ones who see similarities between cryptocurrency trading and gambling.
Todd Baker, senior fellow at Columbia University's Richman School of Business, Law, and Public Policy and managing director of Broadmoor Consulting, argued that cryptocurrency trading should not be governed by traditional financial institutions or financial regulations. Instead, he says, investing in some cryptocurrencies is a closed loop where you don't fund a company that produces products, services or productivity.
"Is Cryptocurrency Trading Financial?" she said. "It's not really a financial service unless you turn the money into a worthwhile investment."
Just as banks don't hold casino chips, Baker said traditional financial institutions should avoid providing collateral, financing or cryptocurrency trading.
"The important part is getting the real money out of the system," he said. "In that sense, I don't want banks to lend me money, and I don't want stock markets to become traditional financial instruments."
While regulators and lawmakers are unlikely to suddenly abandon the idea of cryptocurrencies being controlled by financial institutions, Baker said the idea that cryptocurrencies and gambling are remarkably similar has only been reinforced by private conversations in Washington. This suggests that regulators such as the Comptroller of the Currency and the Federal Deposit Insurance Corporation should insulate the banking system from the volatility of the cryptocurrency market.
Regulation of cryptocurrencies not as financial instruments, but as games of chance, would bring about a startling change, according to Stetson Law Associate Professor Will Banting , Better Legal Definition of Gambling: With Integrated Financial Applications. Tools and Cryptocurrencies” published in the Albany Law Review.
In a worst-case scenario, local jurisdictions may restrict cryptocurrency transactions, as Utah and Hawaii continue to ban gambling. In practice, regulators can restrict access, place restrictions on when people can trade crypto, or restrict them to certain physical locations such as casinos.
"You can prevent some people from gambling and limit access," Banting said. "How can people get drunk on a slot machine at 2 a.m.? In some cases, you have to go to a land-based casino that's more regulated."
And regulators can easily control how and when people trade cryptocurrencies. Some casinos, for example, don't allow people to play with credit cards and have rules forcing players to refund their bets. Cryptocurrency trading may receive similar restrictions.
"Bookmakers balance both sides, which is another risk hedge," Banting said. "You'd break your knee with Tony Soprano if I could promise you I was good for him."