Most people tend to usually only focus on the great qualities that the cryptocurrency market features. Not only can you obtain more wealth than you ever imagined possible. But it can also improve you in many ways you weren’t anticipating. Such as gaining financial literacy, budgeting, learning how to invest, thinking like an entrepreneur, planning for the future, and the list goes on. Investing in the cryptocurrency market can truly be life-changing. But something that isn’t talked about as much is that it can also destroy lives. People can lose everything and eventually, the crypto market can drive them crazy.
Let’s talk about it.
Addiction
The cryptocurrency market is a dream for people who have addictions to gambling, collecting, adrenaline, and more. In its current form, the crypto market is just like a casino. Everyone is trying to find the next altcoin that can make them rich. Leverage trading is all around us, and so are liquidations.
Due to the numbers of actually collecting the crypto assets, and also the fact that many of us believe these are the assets of the future. It increases the odds that we will hoard it. Spending money on crypto that we can’t afford to lose. Against the advice of others, there is a high percentage of people who are all-in on the crypto market. They have decided that this is their lottery ticket, and it will determine their fate.
Obsession
This arguably could have been included in the addiction stage, but I felt it was important enough for its own category. For some reason, people who invest in crypto are far more passionate about it than other financial markets. It consumes their life, shapes their identity, and even changes their outlook on life.
You may have heard Bitcoin maximalists called a cult or religious group. This is one such example of it. The famous phrase that anything is okay in moderation doesn’t apply here. For the people who have completely fallen down the crypto rabbit hole, their life often revolves around it.
Anxiety
Perhaps crypto doesn’t cause you to have these problems, but simply reveals issues that you had inside of yourself already. Another example of this is the crypto market bringing extreme anxiety to people.
By investing more than they can afford to lose, their life now depends on this market. They begin checking prices a few times a day with few worries. But that eventually evolves to them constantly checking throughout the day, and at all times always knowing what the price is. Checking the first moment you wake up, when you go to the restroom, the last moment before bed, and even during the middle of the night. It has completely taken over your life.
For those who have too much riding on crypto’s performance, it can cause problems you weren’t anticipating. Unable to sleep, changes in personality, depression, relationship problems, and even health issues. The crypto market is no joke, and can truly be one of the most stressful experiences a person can experience.
Loss
The absolute worst feeling you can have in the crypto market is losing everything you have. It feels like a punch to the stomach, that you just can’t recover from. Unfortunately, due to the chaos in the crypto markets last year, this is a feeling that far too many can relate to.
We have all worked hard for several years, grinding, hustling, and dollar-cost averaging all in an attempt to accumulate as much crypto as possible and change our lives. After a few years, we are finally beginning to see some real results. The dream is finally starting to become a reality. Then BOOM, in an instant we have lost everything. It can cause a state of depression or hopelessness that I wouldn’t wish on anyone.
These are just a few ways that the crypto market can change your life for the worse, and drive you crazy. While we are all fans of this market and the potential it has. It’s important to always remember the risks that come with it. The key point is this. Even if you have lost everything, there is still time to recover. Never give up.
How about you? How has crypto affected your life negatively?
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