The Bitcoin network may be powered by unbiased math, but the users who transact with bitcoin are ruled by the neurons coursing through their brains, so mental health is truly the foundation of financial sovereignty.
And watching the market value of bitcoin fluctuate can be incredibly stressful. It’s crucial for bitcoin investors to question their own motives when they want to buy or sell.
“If you know what you need for immediate needs and long-term needs, then try not to check the market all the time,” said New York-based therapist Aja Evans[1], who specializes in issues related to financial wellness. “Recognize that you’re emotionally involved in your financial decisions. If you’ve seen other people lose money in the past and it was scary, that’s a great thing to acknowledge in yourself. The real question is, do you need this money right now, so quickly? Is there an urgent need, or is anxiety inspiring that consideration?”
Stress Management
Although some experts associate cryptocurrency trading[2] with the same mental health risks[3] associated with gambling and compulsive spending, bitcoin may be less affiliated with those habits if users view it as digital money, rather than primarily as a trading tool. Money is already a stressful topic for most people, regardless of volatility. According to surveys by the American Psychological Association[4], 76% of millennials say “money” is their greatest source of stress and this topic also rates in the top-three stressors for both Gen Z and Gen X as well. As such, Evans’ advice for bear market anxiety was in line with other psychology experts.
“If you can, just don’t look at your accounts for a couple of months. If this is the first downturn where you’ve had significant
