By the end of 2017, the biggest Cryptocurrency by market capitalization, Bitcoin, soared to an all-time high of $19,000. However, by the 4th of February, the price dropped back down below $6,000.
There was jubilation in the streets, as cryptocurrencies as a whole just kept on going up, but as soon as it started to crash, anxiety and severe stress entered the psyche of most speculators. There are a handful of speculators that went into debt to finance their purchases, and now they are suffering the mental consequences of their investment/gamble.
To combat this, Moscow-based company Blockchain Fund, which trades in cryptocurrency launched a new hotline.
“Some people are in a panic, they don’t understand what is happening. At first everything was so good in this market, and now it has faced such changes,” Elena Pikhovkina, a psychologist working on the hotline, told Russian site Life.ru.
“First of all, I will get acquainted with people in my work, listen to their stories and then give advice on how to calm down and recover. It is very important so that a person does not do anything stupid,” she explained.
This is welcome news to all of the new investors in the cryptocurrency craze, as many of them might be embarrassed for their decision making and don’t want to tell a friend or family members. Those who jumped right in during its parabolic rise without doing the research have many of the same personality traits as gamblers and should seek help before they try and chase losses.
As of the writing of this article, the Bitcoin price has risen back to $8500 per coin and seems relatively stable for the moment. We’re sure every investor is hoping for that to be the case as well.
If you or a loved one you know battles with any Mental Health Issues, please do get the help you need. If you need to talk to someone now, you can talk to one of the many fantastic therapists at Better Help by CLICKING HERE.
This post was created with the help of Grammarly.