Cryptocurrencies have ruined my life

“I’m about to end my life,” said one investor. Many are also under mental pressure given the risky cryptocurrency market.

“If you have friends who participate in coin trading, ask if they’re okay,” advises VICE reporter Ruchira Sharma.

At the end of January, the Cryptocurrencies market suddenly took a tumble.

From Bitcoin, Ethereum to memecoins like Dogecoin, all sold off and fell sharply. Millions of crypto traders are suffering huge losses. There are times when within 24 hours the market “evaporates” too close First billion dollars from leverage orders.

Bitcoin Price Surpasses $69,000 in November 2021. However, within a few months, that number has dropped to 40%. The overall crypto market value falls by more than 1,000 yen billion dollars since above.

Virtual money but real risk

Many experts see cryptocurrencies as a democratized form of Wall Street investment that stimulates venture capitalists. But in reality, this cryptocurrency movement benefits few participants. Many are retail investors who put their savings in the main market.

The monetary policy of the US Federal Reserve and the geopolitical tensions between Russia and Ukraine are the main reasons why the cryptocurrency market has been steadily falling over the past few days. Photo: Bloomberg.

Therefore, the “whales” in the market can completely swallow the money of these objects. A survey of 750 crypto investors conducted by CNBC revealed that a third of them don’t really understand what they spend their money on. The question is what happens to this group of people when they suffer great losses.

Peter Klein, a cognitive-behavioural psychotherapist, has proposed a variety of psychotherapies for mental health issues related to the cryptocurrency market. He warned that once this market collapses, “a mass of crypto addiction syndromes will increase.” This shows that it is this venture capital trend that has caused many problems with investor mental health, concludes author Ruchira Sharma.

A crypto investor and NFT project founder, Hashim Yasir (19 years old) has lost a large amount of money after the recent drop. In an interview with VICE, the guy said that investing in cryptocurrencies has affected his mental health.

“I thought I had mastered this new skill, but everything seemed to go back to zero,” Hashim confided in Yasir.

Due to the time he spent with cryptocurrencies and NFT, the young man was “constantly losing sleep and faced with pressure and anxiety.” He shared that the investment trend has changed his behavior and how he communicates with those around him, making him “more short-tempered than before.”

Destruction both physical and psychological

Contrary to the firm claim that investing is the path to happiness and prosperity, people interviewed by Ruchira Sharma say cryptocurrencies have ruined their lives.

Cryptocurrencies powered by blockchain technology are changing the nature of transactions and life around the globe. Photo: EPA-EFE.

Sandip Das (27 years old), although he makes money from the market, spoke out against this investment trend. The guy still made a profit in the last crypto “winter”, but he thinks that he also took a lot of damage in the last 1 year.

“Because I only slept 3-4 hours a day, I made a lot of mistakes when trading the market. I’ve even recently had shoulder and neck pain from excessive pressure,” he told Vice Reporter.

Das also suffers from bipolar disorder and believes cryptocurrencies have affected his mental health.

“Cryptocurrencies will destroy both the physical and mental health of participants. You will be scared for the rest of your life,” warns Sandip Das.

An unnamed 33-year-old investor residing in Russia also admitted to being addicted to cryptocurrency trading. He’s stuck in a loop: he’s trying to win back what he lost, but it turns out he’s lost more than he’s gained.

He started investing money in Bitcoin in November 2017, the peak of this digital currency, and made quite a profit. But now the man is gone 125,000 won U.S. dollar Save money. He said he couldn’t even confide in his wife and that his losses had pushed him to his mental limit.

“I am faced with poverty that I do not want. Digital currency destroyed the world and my spirit. I’m about to end my life,” the unnamed investor confided.

Difficult to find sympathy

Although crypto investors are under immense pressure, it is too difficult for them to find a suitable space to open their hearts. Visiting crypto talks on Reddit and Twitter, author Ruchira Sharma noticed a common reaction from these people: “stop stressing, keep this coin and move on (HODL).” Many people also joke about the stress and the Bitcoin holders fear.

Many experts believe that Bitcoin raises electricity consumption concerns, thereby indirectly becoming an environmental hazard. Photo: AP.

Investors always have to wear a mask to always appear calm and strong, making it difficult to express their pressure. Trading in the cryptocurrency market is stressful, but being aware of the consequences will not do you any good. It wasn’t until they got out of this spiral that they realized the toxicity of cryptocurrencies.

Expert Peter Klein has been offering psychological counseling for crypto addiction since 2017. His patients are usually male and come from all over the world. According to the expert, they came to him because of the increasing need for spiritual help in the cryptocurrency world, while this support is also lacking in this market.

“Most intense traders suffer from anxiety issues,” he says.

“When they’re scared, they see life in a more negative light than the average person. The higher the stress they experience in the crypto market, the greater the negativity in their daily lives,” the therapist notes.

Like other addictions, cryptocurrencies abduct participants from the real world and boost their spirits for a short time. According to VICE, however, the consequences are damage in all areas of life.

Klein tries to help patients by advising them not to hide from real life experiences, like dressing up on the street or interacting with people around them. Specialists use psychotherapies ranging from behavioral therapy, cognitive behavioral therapy to meditation to calm patients down.

Cryptocurrencies are the “promised” land of those who like to “speculate”. Photo: AFP.

The London businessman and investor, nicknamed BritishHodl, said psychotherapy helped him see his stress and deal with his emotional swings when investing.

This experience helped investors realize that when you focus too much on the crypto market, negative emotions affect everything in life like work and social relationships. “The players have to be careful not to ruin their lives,” he said.

What about those who get into trouble just because they lose too much? The advice of Adam Smith, cryptocurrency investor and founder of the Crypto Advisor forum is: “Take a deep breath, put your hands together and keep this coin alive (HODL)”. “In the near future, bitcoin in particular and the cryptocurrency market in general will continue to be chaotic,” he said.

Smith also believes that geopolitical tensions between Russia and Ukraine will continue to rock stock and crypto markets. “When you put money into the crypto market and see the numbers keep going down, investors are going to feel extremely stressed, especially at times when they have to spend money on personal matters,” Smith admitted firmly.

The term HODL, shorthand for hold, is a common joke in blockchain circles. However, HODL is really what investors do. Ruchira Sharma claims that trying to wait for the coin to go up will destroy her sanity. Experts have always assured that the cryptocurrency market will recover, but investors need to worry about what negative consequences this will have on people’s real lives.

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