When Matt Danzico started seeing cryptocurrency logos on the packaging of grocery items, he knew he had a problem. The man became embroiled in the global craze for trading digital currencies during the pandemic, which quickly became an obsession.
"I had sleepless nights in which I kept tossing and turning in bed, trying to get these graphics out of my head," the American visual designer and journalist, who lives in the Spanish city of Barcelona, told AFP. "He thought he was losing his mind," he added.
Cryptocurrencies such as bitcoin and ethereum became popular for their volatility, and Danzico saw "years of money won and lost in no time." He explained that his emotions went through a kind of roller coaster, and it did not help the fact that he was speculating during the closure imposed by the pandemic. He added that his wife noticed that he was getting anxious and was getting angry. He did not want to specify the damage that his hobby caused to the finances of his family, only limited himself to pointing out that for his bank account it was "bad".
Now, months later, the man says he is relieved to have nipped his addiction in the bud rather quickly. But as digital currencies have moved from a niche of interest to a more pervasive one, he says experiences are happening much darker than his around the world. "We are talking about tens of millions of people who trade cryptocurrencies," he said. "If a small fraction of those people are getting hooked, we are talking about a potential burgeoning mental health crisis on a scale that I don't think the world has ever seen," he added.
"A modern epidemic"
He noted that you don't have to look beyond Twitter, where crypto enthusiasts congregate, to get an idea of the mental health consequences of chronic token instability. Posts by "people talking about deep depression, really extreme thoughts of isolation and suicide" often accompany declines in value, she said.
Loading
Comments