It is no longer an obscure fact that large amounts of people are investing in cryptocurrency. For many people, crypto has become an indispensable part of their lives. Especially until the latest new price records of bitcoin (BTC) above $ 60,000, many new people entered this world. Likewise students. A study among students in South Korea has shown that a large proportion of these students who invest in cryptocurrency’s also suffer from psychological complaints as a result.
1,750 students were questioned in South Korea between May 17 and 19 by the research firm Alba Heaven. 23.6% of the respondents indicated that they invest in crypto. There was a strong difference between men and women. Only 14.4% of the female students indicated that they invested, while 34.4% of the men did.
Most students reported that the main reason for starting to invest in cryptocurrency was accessibility. After all, you can start investing with a small amount. The vast majority of those surveyed were positive about cryptocurrency. This while only 40.5% managed to make a profit.
This research was done before the market collapsed, so it is not surprising to believe that this percentage is now much lower. It is also interesting to highlight that the majority of students started investing as bitcoin neared its peak.
This brings us to the result of these observations. Students experience negative psychological consequences of investing in cryptocurrencies. No less than 68.3% indicate that they suffer from this. A third of the students also indicated that the bitcoin price had a strong influence on their emotional state. Problems with concentration and even addiction were common in the students’ responses. Maintaining daily routines became more difficult and even sleep deprivation due to stress is common among these South Korean students.
This research once again underlines that crypto is not all rose scent and moonshine. It’s all well and good until you lose or are in danger of losing your money. Especially during the downward spiral in which bitcoin found itself in recent times, many people will have suffered from psychological complaints.