- The number of crypto investors who have faced mental health issues has spiked over the past year as the market went through a number of dips.
- Many say crypto has ruined their relationships as the anxiety took its toll, with most of the victims being those that had gone all-in on crypto.
2021 was Bitcoin’s biggest year yet. The price shot up to a new record in November at $68,680 as mainstream appeal shot to new highs. Since then, it has lost 35.7 percent at its current price. And as the value of the crypto dipped, it dragged with it the mental health of many traders. Some have revealed the extent that the crypto rollercoaster has had on their lives, from straining their relationships to leading them down a dark hole of related mental health issues.
Hashim Yasir is one of the investors whose portfolio was almost wiped out by the market dip. Despite being just 19, he already has a thriving NFT and crypto life, but in the recent market crash, he lost “a good amount of money.”
Speaking to VICE, he stated:
[Up until then] I felt like I was finally getting pretty confident with this new skill, but it really felt like the market was officially going to drop to zero.
The result has been “sleepless nights and constant stress and anxiety.” It has changed the way he interacts with those around him, he told the outlet and made him a very short-tempered person.
Sandip Das, an Indian trader, has a similar story. He told the outlet:
I barely sleep three to four hours a day, which results in me making serious errors in the market. I’ve also started developing pain at the back of my neck and shoulders due to high levels of stress. Crypto will wreck you emotionally and physically. You will get scarred for life.
The crypto market has no regard to how long you’ve been investing, as one Russian man found out the hard way. He began investing in 2017 when Bitcoin made its first burst onto the limelight, hitting $20,000. The crypto winter that followed hit him hard, however. He told VICE that up to now, he has lost his entire life savings totaling $150,000.
He explained:
Mentally, it’s sickening, because I have not been able to even share this with my wife. I’m in a poor state financially and it isn’t the state I want to be in. It’s ruined my world and my mental health… I’ve reached a point of attempting to commit suicide.
Also Read: New survey reveals that crypto investing has massively hurt personal relationships
