You could benefit from crypto therapy

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Bitcoin and crypto trading has undoubtedly negatively affected a lot. From a psychological standpoint, it’s easy to predict that the volatility of this area can lead someone into a storm of stress and anxiety. The mere fact that this industry operates 24 hours a day will encourage dysfunctional behaviors such as compulsive price checking, loss of sleep, or obsessive thoughts in the market. Even the most sophisticated investors aren’t prepared for the intense swings in crypto, so it’s no surprise that this industry has now claimed its share of the pie in mental health disorders.

Patty Fiore is a Psychotherapist at Next Step Counseling, specializing in Cognitive Behavioral Therapy and EMDR to treat trauma, depression and anxiety.

As a psychotherapist, I treat clients who suffer from anxiety regardless of the position of their trades. Whether their portfolio is going up or down, they are stressed out about the next decision to be made. When the crypto market is on the rise and investors experience a sudden surge in wealth, drug and alcohol abuse often ensues. When the price of bitcoin and other cryptocurrencies drops, investors suffer from anxiety, major depression, PTSD, and panic attacks. Clinically, some of these clients are traumatized and their mental health issues affect their overall physical health.

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One can easily draw parallels between crypto trading and compulsive gambling. The constant ups and downs of the market create euphoric highs to win and depressive lows to lose. Much like a designer drug, the goal is to get rid of the high. In a quest to earn more money, one often falls into compulsive buying and selling and then it is impossible to recover from the losses. The inability to stop trading in a bear market affects stress levels, self-esteem, overall confidence, and financial security.

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Just as cigarette packs warn smokers about the dangers of smoking, crypto exchange companies need to alert investors to the psychological dangers of compulsive gambling.

Unfortunately, few seek help or therapy as a tool to deal with their investment-induced anxiety. In the worst case scenarios, it could be fatal. Alex Kearns, a 20-year-old Robinhood user, committed suicide after mistakenly believing he lost a risky bet of $ 730,000.

The emotional roller coaster of trading is not for everyone, and platforms like Robinhood have not taken enough precautions to check their users’ financial experience. Whether you are trading stocks or cryptos, it is imperative to learn how to deal with the emotional stress that automatically accompanies the market. Mental health professionals can create a safe space to create appropriate boundaries and build healthy coping mechanisms.

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Like any industry, psychotherapists must also evolve to understand rapidly changing industries like technology and crypto, and to encourage clients to address these issues in their sessions. Therapists who understand these dynamic industries are better equipped to conceptualize their clients’ needs and process their feelings and decisions more effectively.

Seeking professional help should not only be standardized, but encouraged, both by Fortune 500 companies and crypto startups. Professionals today spend more time at work than at home, and seeing a therapist is the best place to deal with frustrations at work. Addressing interpersonal disagreements will help strengthen bonds between colleagues, increase job satisfaction and productivity.

If you are having thoughts of suicide, the following organizations can help:

In the United States, call the National Suicide Prevention Lifeline at 1-800-273-8255 or send TALK to 741741. You can also visit SpeakingOfSuicide.com/resources for more information.

In Britain, call Papyrus on +44 800 068 4141 or text Young Minds at 85258. A list of additional resources can be found at Mind.org.

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