Bitcoin is undergoing a bear market situation as its price continues to dwindle. It had moments of recovery but the trend is still generally going downwards. This is becoming a headache among bitcoin owners or those who call themselves “investors,” many of whom happen to be millennials.
The news of bitcoin’s sudden rise certainly attracted the attention of many. Most of those drawn have been millennials who don’t really have a thorough understanding of what bitcoin is. For many of them, it’s simply something that apparently has a rising value so it’s worth “investing” in. That’s why when bitcoin price started sliding down, most of them were unprepared and ended up getting dejected with the gloomy outlook.
To say that many millennials have been depressed by what happened with bitcoin borders on farfetchedness. Many may have been saddened by the abrupt fall of bitcoin price but it would be too much of a hasty generalisation to adjudge depression among those who are holding bitcoins in the hopes of selling them for higher prices. Still, there were some who have truly fallen into depression after realising that their bitcoin “investment” is not going into the direction they expected or hoped for.
Fortune.com published an article late last year, exploring the ways bitcoin investing is taking its toll on mental health. The article affirmed the reality of the kind of emotional swings bitcoin “investors” get afflicted with. The article referred to this as “oscillating emotions.” This particularly happens among inexperienced investors, as they get the high of getting massive gains and suffer a steep fall when the highs are followed by deep troughs. Risky trading like what can be observed in bitcoin entails serious mental and emotional consequences. In fact, there have already been a number of suicides reported in relation to bitcoin investment losses. Also worth noting is the setting up of a suicide hotline on Reddit to deal with suicidal tendencies following bitcoin’s continuing price drops.
The goal here is not to downplay the possibility of bitcoin to induce depression. What’s important to highlight is the need for millennials to be more aware of what they are getting themselves into. It would help getting insights from crypto review articles, interviews with experts, and others that could help shed light and provide guidance on how to go about with bitcoin “investing.” Depression because of bitcoin is a real possibility but it’s not necessarily a widespread threat that should sow fear and panic.
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