The fall in cryptocurrency prices recently brought to light a dark issue between investing and mental health issues. This is timely because, since 1949 the month of May has been designated as Mental Health Awareness Month. The purpose is to raise awareness of mental health conditions in an effort to eliminate the stigma associated with them.
When the crypto market crashed recently, the fast-growing investor community generated its own mental health crisis. Experts warned that a market crash would increase the severity of the crypto addiction symptoms these investors were experiencing and that is exactly what happened. Investors had poured their life savings into this market and in an instant, many lost it all. The aftermath was riddled with horror stories of widespread reports of self-harm and suicide.
Unfortunately, severe mental health illnesses that manifest as a result of investing are not uncommon. Like gambling, investors in crypto start out with some success, then they get sucked in.
Individuals get hooked on trying to learn the crypto game and how to get better at it. Checking apps a hundred times a day, and staying up all hours of the day stressing over their next move is what it looks like to be addicted to cryptocurrency. These behaviors lead to sleep deprivation, emotional instability, an overall disruption to daily life, and a whole host of other issues.
Even though mental health issues are well known amongst crypto investors, feeling comfortable discussing these experiences is not easy. Not only is there a lot of pressure to have your investments perform well but it’s also important to continue to invest. You cannot make money if you’re not in the game.
Since around 2017, mental health professionals have recognized cryptocurrency addiction and have been offering targeted therapy. Most investors in crypto find it an escape from the real world. As a result, therapy is usually aimed at encouraging these individuals to stop avoiding certain aspects of their lives and helping to bring them to a more stable place.
Anxiety and depression are also two areas where these investors suffer. By allowing individuals to understand their anxiety and depression, they are better able to manage the emotional volatility of investing. In some situations, anxiety and depression can be so severe that it may take an additional intervention, such as ketamine infusion treatment, to help.
With the current situation in the cryptocurrency market and it being Mental Health Awareness Month, we urge you to take a moment to evaluate your mental health space and to reach out to friends or family who may be struggling. Remember that it is never taboo to admit you are hurting and need help.
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