Mental Health & Cryptocurrencies: How Does Volatility Affect Well-Being?
Over the past few years, cryptocurrencies have risen and fallen repeatedly, which couldn’t help but affect the mental health of cryptoinvestors.
According to experts, crypto trading can turn into a real addiction. The first signs of this psychological disorder appear when traders are constantly monitoring price fluctuations in the digital currency. Experts call this process “day trading” and consider it another form of gambling, and people addicted to cryptocurrency trading are called “crypto-addicted.””
The main symptoms of crypto addiction are muscle tension, anxiety, 24/7 monitoring of digital asset prices and constant thoughts of trading digital currency even while doing other things not related to the crypto industry. All of this leads to depression and insomnia.
In some countries, mental health startup have already emerged to help address the mental health issues associated with digital asset trading.
Who is at risk?
Fortunately, not every crypto investor is prone to mental health problems.
Researchers from Queensland University of Technology in Australia recently conducted a study in April on who is most susceptible to crypto addiction and which individuals should pay special attention to their mental health while trading.
In addition, a study was conducted in April. It turned out that people who like gambling and don’t really trust the authorities are prone to crypto addiction. A strong desire to have nothing to do with the state makes such people turn to cryptocurrency.
People who like to cheat and manipulate others for their own interests, such as cynical and cautious people, are also prone to crypto addiction.
Narcissists are also prone to cryptodependency. Such people are usually incredibly self-confident and therefore prone to risky investments. At the same time, they prefer to focus on the positive side of life, believe in their bright future and believe that nothing bad can happen to them. It is this unshakable self-confidence that makes narcissists take risks and buy cryptocurrencies.
People with high levels of psychopathy are characterized by callousness, low emotional intelligence, and a lack of empathy. These people usually have reduced emotional responses, which makes them resistant to stress and anxiety, so they probably like risk taking. In addition, psychopaths are impulsive. This quality, combined with a propensity for risk-taking, makes them prone to risky trading behavior. They are afraid of missing out on profits that others might gain.
Sadists also like to invest in bitcoin (BTC) because, like psychopaths, they don’t want to miss out on potential rewards. For them, the pleasure of other people’s pain is associated with a sense of superiority over others. At the same time, both psychopaths and sadists, unlike narcissists, have no illusions about their prospects, which is reflected in their passion for cryptocurrency.
Of course, not every crypto investor suffers from a mental disorder. However, most people do not develop an addiction to trading digital assets. It is worth remembering that when starting to trade cryptocurrencies, you need to consider all the facts that can affect a person’s health and well-being. To limit the psychological impact of cryptocurrency stress, it is important for investors to decide how much money they can afford to risk.