When people wonder how dangerous the cryptocurrency market is, most of them do not stop to think just how bad things can get. However, it is dangerous enough that at times believe it or not it involves the loss of lives.
The families of the people who have lost their loved ones to suicide due to the frustrations of losing their money in cryptocurrency know this pain all too well. A few months ago, a Reddit user who posted a story about how his brother committed suicide due to Bitcoin.
The young man claimed to have owned about 15,000 Bitcoins but had been the victim of a series of unfortunate events that might have driven him to end his life.
According to the Reddit post, the young man did provide proof to his brother but only 6,000 Bitcoins at that time. However, he reportedly claimed to have lost a significant amount of his cryptocurrency in a hack back in 2013, causing him to panic and sell the remainder shortly after that. Fast forward a few years later and the price of Bitcoin was above $10,000. This drove the young man to kill himself upon the weight of his realization that he wasted a life-changing opportunity.
This is just one of the many suicide incidents that have been reported. Many other people who had entered the market when it was too late have lost a lot of money especially with the recent slump in the price of the cryptocurrency. It is thus no secret that a lot of people are turning to suicide after most or all of their investment in the cryptocurrency market.
This is especially considering that most of the people that have invested in the cryptocurrency market were investing blindly and barely knew much about it in the first place.
Many crypto investors were in it in the hope of financial freedom. Most of them looking to experience the impressive gains that have been reported by some of the early adopters of Bitcoin and other cryptocurrencies that have registered a lot of growth. However, the markets have proved to be quite volatile and unpredictable and in such cases, most investors do not usually know what to do. Suicide ends up being the go-to for some due to the overwhelming feeling associated with the loss.
Some of the organizations dealing with cryptocurrencies such as crypto exchanges are taking action to try and help prevent suicides. One blockchain fund based in Moscow opened a suicide hotline aimed at helping crypto investors that have been dealing with massive losses. There was also a suicide hotline posted on Reddit. Sadly, some of the investors have found themselves in trouble after investing using borrowed money.
Psychologist Elena Pikhovkina has been working at Moscow?s suicide hotline. She has been listening to the stories of those that have been affected and provides advice on how to recover and proceed with a positive mindset. She is uniquely qualified for the job especially because she has also had experience with losing trades when she had invested in forex about four years ago.
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