Many mental health experts are writing extensively about the effects of the pandemic on our mental health. The fear of the pandemic, the non-availability of a vaccine and impending economic losses can be too much for human beings.
With newspapers and media outlets focussing on the exceptional rise in cases, it is very difficult to stay positive. The COVID-19 pandemic has already altered our life in a manner, which was not expected. Staying at home under lockdown, not meeting friends or family members can be very stressful.
In this article, we will look at how crypto trading is emerging as one of the best ways to tackle mental health issues. We will also look at the financial effects of COVID-19 on mental health.
Loss of Unemployment leading to Mental Health issues during the Pandemic
The financial and economic impact of COVID-19 is leading to the loss of millions of livelihoods across the world. People are being unable to pay their EMIs, look after their families or afford healthcare. This can have a major impact on our psychological well-being.
In the USA alone, nearly fifty million people have filed for unemployment benefits. With no end in sight, the pandemic can have a serious impact on financial well-being. Most health experts and therapists state that the economic losses of the pandemic are detrimental for mental health.
This is a major reason why people are looking at alternative sources of generating income. In the case of crypto, it seems to be high up on the list of people because of the payouts and the high growth margins.
COVID-19 and the Cryptocurrency Boom: what you need to know
At a time when most people were losing money and jobs, crypto investors gained three times their investments within 50 days. In March 2020, Bitcoin came down to $3K. In the first week of May, it hit $10K. Currently it is settling a little over the $9000 USD mark.
Thousands of people, who lost their jobs in March, started trading in crypto. These people made significant gains in a short span of time. Imagine what would happen if they were without jobs and no money during the period? They would all have depression arising from the same.
What I am trying to say is that online crypto trading has given these people financial support. This in turn has prevented them from deteriorating into mental health problems. When compared to almost any other financial asset in the world, crypto (especially Bitcoin) has gained incredibly.
Some Safeguards to follow when dealing with Crypto Online Trading
Buying and selling cryptocurrencies online can be very exciting. It can also be highly rewarding, as the last three-odd months have shown. However, full time engagement can have certain adverse effects on our mental health.
Psychologists suggest that putting too much pressure on any one avenue should be avoided at all costs. In addition, experienced crypto traders state that investing in cryptocurrencies should be only one of your many income-generating sources.
In other words, you should not put all your eggs in the crypto trading basket at any point of time. Many experts also feel that online trading in cryptocurrencies should not be done for more than two to three hours every day. There is a danger of getting addicted to monitoring your successes on the platforms.
By maintaining a balance between family life, other sources of income and crypto, you will experience a positive impact. This is the key to improving your mental health.
At a time when governments and private corporations have failed the population, the crypto industry has emerged as a shining beacon of light and support. It has not only supported investors during tough times with gains, it has also given them an avenue to be a part of something productive. If you wish to start investing and trading in crypto, you can search here for more information.