Navigating Mental Health and Financial Loss in the Crypto Space

Navigating Mental Health and Financial Loss in the Crypto Space
Photo by Finn / Unsplash

Part Two of a Two-Part Series: A Guide for Emotional Well-being in the Volatile Crypto Market.

In the first part of this post, I talked about the importance of mental health and crypto losses. The recent market downturns have left many investors dealing with significant setbacks, and it's important to seek emotional support and cultivate resilience in order to navigate the ups and downs of the crypto market. Read part one here

The Turbulence of Crypto Market and Its Impact

In the world of crypto, financial gains and losses are a part of the game. The volatility of the market can sometimes lead to significant financial setbacks, leaving investors grappling with the aftermath. But what about the impact on their mental well-being? How does it affect their personal lives, relationships, and overall mental health?

Before we delve into these questions, let me emphasise that I am not here to criticise or judge anyone. Trust is a delicate matter, and it's only natural for people to have varying degrees of trust in the crypto space. Rather, I want to explore the nature of trust and the effects of financial losses on individuals' lives.

Social media has become a prominent platform for discussing cryptocurrency, attracting both enthusiasts and skeptics. It's intriguing to ponder how people on social media, as well as those who have no presence there, have navigated the turbulent waters of the crypto market. How did they handle the crash? And more importantly, how did it affect their personal lives?

Financial losses can be emotionally challenging, especially when they reach a significant percentage of one's portfolio or all-time high. Losses of 90% or even 95% can take a toll on a person's mental well-being. It's essential to consider the broader impact on their personal lives, relationships, and family dynamics.

The Psychological Toll of Financial Losses

Personally, I believe in maintaining a positive mindset and avoiding negativity or ill will towards others. Wishing harm or financial loss upon anyone only breeds negativity and doesn't serve any purpose in my own life. This positive approach has been a guiding principle for me, and I'll share a personal story to shed light on why I adopt this mentality.

As I sit here, envisioning this conversation, I recognise that mental health is a subject that still carries some stigma and discomfort. Despite progress in recent years, there is still a long way to go in terms of mainstream awareness and acceptance of mental health issues. It falls on the shoulders of the media, journalists, and professionals in the field to spread awareness and create an environment where people feel comfortable discussing their experiences.

Over the years, notable figures from various fields have stepped forward to bravely share their struggles with mental health, including depression, anxiety, bipolar disorder, and addiction. Their openness has contributed to a gradual acceptance and understanding of these issues. Such progress has been crucial for the mental health industry and professionals to better support those who may not have been aware of the extent of these challenges.

In the context of cryptocurrency, it is important to acknowledge the potential impact on mental health when financial losses occur. This brings us to the statistics mentioned earlier, such as the American Psychological Association's report that 76% of millennials consider money as their greatest source of stress. This stress also ranks among the top three stressors for both Gen Z and Gen X.

In her article, "How to Keep Bitcoin From Driving You Crazy," Leigh Cuen quotes California-based therapist Elizabeth Sturbenz, who specialises in financial therapy. Sturbenz discusses the market's cyclical nature and the steps individuals may need to take to navigate this rollercoaster ride and avoid falling into a psychological and financial rut.

Considering these statistics and expert opinions, it becomes evident that financial stress takes a toll on mental health. The crash and subsequent losses experienced in the crypto market can trigger anxiety, depression, and various other mental health challenges. The impact extends beyond the individual, potentially affecting their relationships, family dynamics, and overall well-being.

Let me take a moment to share my own journey and why I believe it is important to shed light on mental health in the context of the crypto space. Now, please understand that I am speaking from my personal perspective and not as a mental health professional. Nonetheless, my experiences may resonate with some of you.

Personal Journey: Mental Health in the Crypto Space

In my life, I have battled depression for eight long years. This was a period filled with immense struggle, low motivation, difficulty concentrating, and an overall sense of hopelessness. I sought medical help and was prescribed various antidepressants, but they didn't provide the relief I had hoped for. The journey took me through different medications, including SSRIs and sleeping tablets, with various degrees of success and unintended consequences.

Depression can be all-consuming, making it challenging to perform even the simplest tasks. I vividly remember the heaviness that accompanied getting out of bed each morning—feeling as though I were attempting to bench press an impossibly heavy weight. Going about daily activities became an arduous achievement, one that often eluded me. This struggle is something I try to explain to others when discussing mental health.

The causes of depression are complex, often involving chemical imbalances in the brain and fluctuating serotonin levels. Medications like SSRIs aim to address these imbalances, but they don't always offer a one-size-fits-all solution. In my case, my journey through various medications and dosages continued, accompanied by anxiety and a vicious cycle of self-medication and substance abuse.

Candy & Pills Photo by Portland Photographer Lance Reis / KickassDesigns on Insta.
Photo by Lance Reis / Unsplash

Striking a Balance: Prioritising Mental Well-being

During this challenging period, I turned to benzodiazepines, opioids, and other substances to cope with the pain and anxiety. Addiction became another burden I carried, exacerbating my mental health issues. It was a dark and tumultuous time, and it had a profound impact on my personal life and relationships, straining family dynamics and causing significant upheaval.

Fortunately, I emerged from this dark place, and I credit my recovery to a combination of external factors and the support of those around me. I have been sober from benzodiazepines and opioids for nearly a decade now. When I regained my mental health, I made a promise to myself to avoid negativity and to prioritise my happiness, no matter the circumstances.

This commitment to maintaining a positive outlook has served me well, and I have since overcome significant financial losses in the crypto market. While I remain confident in the future of cryptocurrency, I have learned to navigate these setbacks and prioritise my mental well-being. It's essential to share my story, not to boast, but to emphasise the importance of addressing mental health issues and seeking support.

Now, let's circle back to the impact of financial losses in the crypto space on mental health. The statistics we discussed earlier highlight the significant stress and anxiety that money-related matters can induce. Crypto investors may find themselves constantly glued to their screens, checking market fluctuations, and experiencing heightened irritability. This obsessive behaviour can strain relationships and lead to emotional neglect of those closest to them.

I recently watched The Shining, and there was a scene that struck a chord with me. Jack Nicholson's character, Jack Torrance, became consumed by his work, neglecting his wife's attempts to engage with him. While this fictional scenario may be extreme, it resonated with me, as I recalled similar moments in my own life when I withdrew from loved ones due to the pressures of financial loss and anxiety.

These experiences can lead to hopelessness, self-doubt, and even suicidal thoughts. It's crucial to recognise the warning signs and not ignore them. Sometimes, it's necessary to step back from the crypto world, take a break from the constant monitoring, and focus on our mental well-being.

Photo by Loic Leray / Unsplash

Building a Resilient Future: Addressing Mental Health in the Crypto Space

If you find yourself exhibiting signs of anxiety, depression, irritability, or relationship strain due to financial losses, it's important to seek support. Surround yourself with positive influences and people who genuinely care about your well-being. Reach out to friends and loved ones who It's just my opinion, so don't really take it to heart, so don't treat it like medical advice because I'm not qualified. So this is what I wanted to share in terms of my mental health and how it's affected me. So if you have any personal experiences or any stories you want to share with me, please, I'm open to hear because this is something I really do want to speak about in depth. Mental health, mental illness, and how it can be related to financial issues, crypto issues and other areas of life as well.

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