Bitcoin and trading in crypto have undoubtedly hurt many. The fact that the industry is operational all day long can encourage harmful behaviors like obsessive price-checking and sleepless thinking about the market. Even the most knowledgeable investors aren’t prepared for the raging fluctuations of cryptocurrency; consequently, the industry has claimed its share in mental health issues.
Many people around the world are experiencing anxiety, regardless of the current position of their investments. No matter if their portfolio is either up or down and they’re stressed about which decision to take next. If the crypto market is up and investors see a rise in wealth, celebrations alcohol and drug use often occurs.
If the value of bitcoin and other cryptocurrencies fall, people experience anxiety, depression major, panic attacks, and PTSD. In clinical terms, specific clients suffer from trauma, and their mental health problems affect their overall health.
What was the cause of Crypto PTSD?
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Crypto is a synthetic drug
There are many similarities between cryptocurrency trading and compulsive gaming. The constant fluctuations of the market can create the sensation of winning and depressing lows of losing. Similar to an illicit drug, getting the thrill is the objective. In the pursuit of more money, people often are enticed to buy and sell only to discover it challenging to recover the losses. Inability to stop trading during an economic downturn can affect one’s confidence in oneself, stress levels and overall confidence and financial security.
As cigarette packs warn smokers of the dangers of smoking cigarettes, cryptocurrency exchange companies are obligated to their clients to alert investors to the psychological risks of gambling compulsive.
In reality, few people seek assistance or therapy to control their anxiety triggered by investing. In the worst of scenarios, this could lead to death. Alex Kearns, a 20-year old Robinhood user, lost his own life when he believed he was losing $730,000 in a risky wager.
The emotional rollercoaster of trading isn’t for anyone, and platforms like Robinhood haven’t taken sufficient steps to verify their users on their financial performance. When you trade cryptocurrency or stocks, it’s essential to understand how to deal with the emotional strain that is a part of the market. Psychologists can provide an environment that is safe to establish safe boundaries and develop healthy coping strategies.
The impact of PTSD on Crypto-Families:
Crypto PTSD has negative consequences for parents, including the increase in screaming and hitting kids. However, my in-depth conversations with parents showed how they feel their behaviour has changed.
A few people mentioned feeling angry or having less tension. Others reported finding loud children’s play stressful, leading parents to shout at their children or quit the room.
It was also apparent that their PTSD had prevented them from engaging in certain activities with their family, like going to the shops or going to the movies. As a result, they felt like they let their children down by not doing the things “normal parents” do.
But beneath these events, the message of these conversations was evident. It is not a factor that hinders parents’ love for their children, nor stop them from wanting to do what’s the best for their children.
Moving away from a loud space was not an indication of a lack of bonding; however, it was an attempt to ensure their child’s time was spent without being shouted at. Unable to engage in certain things led to more imaginative ideas about how to bond with your child. Instead of going to the movies, you could rent films at home and host the “movie night” with duvets and popcorn.
Seeking professional help:
Like all professions, Psychotherapists too must develop to comprehend rapidly evolving sectors like crypto and tech and help clients bring their concerns into their sessions. Therapists aware of these industries are better adept at understanding their client’s needs and processing their thoughts and choices most efficiently.
Professional help is not just a matter of choice but encouraged for Fortune 500 companies and crypto startups. Nowadays, professionals have more time working than they spend at home, and seeking out a therapist can be the best way to deal with work stress. In addition, resolving conflicts between colleagues can improve the bonds between colleagues and satisfaction at work and increase productivity.
If you’re thinking of suicide, these organizations can assist:
- If you live in the U.S., call the National Suicide Prevention Lifeline at 1-800-273-8255 or text TALK 7441741.
- In Britain, contact Papyrus on +44800 068-4141, you can text the word young Minds at 85258. Additional sources are available at Mind.org.
Crypto PTSD is often associated with other mental health problems that include depression and anxiety. As a result, patients are frequently given medication, like antidepressants, to aid them in coping.
While this might help people in the short-term, research suggests there isn’t any real advantage to using drugs to combat Crypto PTSD. So instead, undergoing some specific therapy for trauma is recommended to tackle the root cause.