Trading cryptocurrencies is a dangerous rabbit hole, and Larissa, a 27-year-old New York City resident, fell into it. In no uncertain terms, she informs me that it is “intoxicating, infatuating, and time-consuming.”
Larissa used to be employed in the field of public relations. Despite the fact that she’s been dabbling with cryptocurrencies since 2017, it has just lately become her full-time career. Her professional career now includes working for a bitcoin trading platform in addition to investing in her own personal portfolio. It’s safe to say that cryptocurrency has completely taken over Larissa’s life at this point.
Larissa, who is now single, informs me that she was in a relationship before to 2017. That quickly came to an end as she fell in love with the exhilaration of cryptocurrency trading. “When it comes to dating, in the past, I may not have hesitated to agree to go out with someone I had just a tepid attraction to, hoping that my feelings for him would develop once I had spent some time with him. I’ve been considerably more frugal with my time in recent years “she explains. She admits she misses the spontaneity of her previous life, but she is certain that she is too preoccupied with the task of creating an empire to “waste even a minute of her time.”
In general, cryptocurrency trading continues to be a male-dominated sector; a YouGov poll conducted in 2018 revealed that 6 percent of males are inclined to invest in cryptocurrencies, compared to just 1 percent of women in this field. Larissa’s participation is one-of-a-kind, and she is driven to be the greatest trader she can be despite the dangers she is putting herself in. Any potential love partner would have to share her enthusiasm for cryptocurrency in order for them to be compatible. In Larissa’s words, “the space I have for establishing romantic connection in my life is becoming more limited.” In my opinion, dating serves just as a diversion from what I really want, which is exceptional professional achievement.
One of the other issues she is now dealing with when it comes to dating is the fact that she has discovered that guys are reluctant to speak about her job. The majority of the time, Larissa says, “guys who have a little knowledge of cryptography are interested in my viewpoint until I offer it to them.” My opinion, they believe, is harmless, but in most instances, it tarnishes the outdated personal and professional investment methods on which they have come to depend. “I have strong opinions that I communicate honestly while inviting a counter-argument, yet males will often attempt to shift the subject rather than risk a fight on a date,” she continues.
As a result, I was apprehensive about cryptocurrencies as a potential source of money for my partner and myself at the time.”
“Emma, 23 years old”
In our personal connections, it’s no secret that money has an impact on them, whether they’re with our families, friends, or love partners. The fact that Larissa’s dating life is suffering as a result of her commitment to her investments is little comfort to those currently in committed partnerships.
Emma, 23, and her 28-year-old boyfriend, Cristiano, both of whom live in northern Portugal, have discovered that bitcoin has put a strain on their relationship. The couple’s daughter, Emma, tells me, “When Cristiano first began becoming engaged with cryptocurrencies, I remember being concerned about it being a source of money for us.”
Everything was so new and so little was known about cryptocurrency, which was still an unregulated industry at the time, and Elizabeth wasn’t sure how she felt about Cristiano’s participation in the project.
Emma confesses that she referred to cryptocurrencies as “fake money,” which is a view held by many individuals who are unfamiliar with the concept of bitcoin. In contrast, the money invested in cryptocurrencies is everything from fictitious; yet, because to a lack of regulation in the United Kingdom, if anything goes wrong, there is nothing that can be done to rectify the situation. The Financial Conduct Authority (FCA) categorizes crypto assets as “highly speculative, high-risk investments,” despite the fact that many traders claim that the market is more democratic than regulated markets due to the fact that it is more easily accessible than regulated markets.
We are living in a time when there is significant disparity everywhere. Young people in the United Kingdom, the United States, and most of Western Europe are confronted with home prices that are much higher in proportion to their wages than those of earlier generations. In addition, they have a greater debt-to-income ratio than older individuals. And with rates on conventional savings accounts at historically low levels, is it any surprise that people, especially those who are most excluded, are turning to cryptocurrency in the hope of making a fortune? One research, conducted by the NORC at the University of Chicago, discovered that crypto traders are younger and more varied in terms of color, ethnicity, and gender than other types of investors, according to the findings.
The couple’s relationship was strained as a result of Emma’s contemptuous attitude toward Cristiano’s investments. Cristiano considered it to be “real” money, and he approached the prospect of investing with great caution. In his opinion, Emma should have placed her confidence in him, knowing that he was educated enough to be responsible and to only invest when they had extra cash sitting around that they didn’t need for other purposes.
Her first reaction to cryptocurrency was “uncomfortable,” she admits. “Knowing that so much of our money was tied up in it made me feel a little uneasy.” When I push her on it, Emma says she is not comfortable disclosing how much of the couple’s money is now invested in cryptocurrency.
Emma’s attitude changed as time progressed. She could see that Cristiano wanted to share that aspect of his life with her, and she encouraged him to do so. When Emma decided she wanted to learn more about Portuguese culture, it was during one of their daily morning beach walks in the midst of a Portuguese winter. “As time went on and I paid more attention to the cryptocurrency and blockchain sectors, as well as Cristiano’s lectures on the subject, things started to make more sense,” she tells me.
Some rehab facilities in the United Kingdom are already providing therapy for cryptocurrency addiction, comparing it to other types of gambling addiction. Despite the fact that addiction is a real problem, Cristiano rejects the notion that cryptocurrency trading is necessarily evil or similar to gambling. “A gamble suggests the element of ‘luck,’ a chance occurrence that decides whether or not the bet is successful. Without knowing what indicators to look at, or what drives a token’s price, investing is a risk. This holds true for any kind of investment, whether it is in cryptocurrency or anything else. However, if you do your homework, it is not a game of chance.”
Regulators, on the other hand, continue to see this volatile market as a risk. Even for the most seasoned cryptocurrency traders, the market can be very unpredictable. Elon Musk announced in May 2021 that Tesla will no longer accept Bitcoin for car sales, causing the market value of cryptocurrencies to plummet, resulting in losses of more than $1.3 trillion in value for the company. There are benefits, to be sure. However, there are dangers involved. After losing value for two months, Bitcoin recovered its worth in July 2021 when Elon Musk said that Tesla will most likely begin taking Bitcoin as payment once again.
Being ruined by a series of losses may be very costly.
Nicole, a 37-year-old Idaho resident who lives with her partner, met him on the dating app Bumble before the epidemic. In contrast to the other men she’d seen on dating apps, he didn’t have a shirtless photo of himself on his profile, which she found appealing (which as anyone who has dabbled in online dating will tell you, is as good a reason as any). Because he was a trader, she developed an interest in cryptocurrency throughout their relationship. “He was ecstatic about my decision to pursue a career in cryptocurrency. He was certain that both of us would earn a lot of money “Nicole has informed me.
Arguments, on the other hand, quickly erupted. This caused continuous friction between the two since Nicole believed that her boyfriend was growing negligent of their relationship as a result of his “obsession” with learning cryptography. According to her, “his greatest pet peeve was how often he checked coin rating websites.” “He would check more than once every ten minutes,” says the author. Nicole informed him that refreshing the page would have no effect on the pricing and called his behavior “unhealthy,” but he claimed that “nothing had changed.”
They experienced the financial highs and lows that are typical of this volatile investment sector as they progressed farther into cryptocurrency investing together as a result of their joint efforts. Nicole had about $3,000 in savings when she initially started investing in cryptocurrency. She put all she had into it. She claims that at the end of the year, the property was worth $200,000 – but her newfound riches did not last long. She had experienced some significant losses and ended up with just $15,000 in her bank account. As a result of the stock market collapse, Nicole claims she and her husband took their frustrations out on each other. “We both felt euphoric when we earned money, but when the markets fell, we took our frustrations out on each other,”
Nicole says of the toll the crisis had on her marriage. She became much more careful as a result of that experience.
Nicole and her partner split up in 2020, four years after they met on Bumble and dated for four years. “Crypto had a detrimental effect on my relationship since it covered his life in a completely different manner than it did mine,” Nicole explains. “I would argue that the most important problem was money and how we should allocate it. Because we were so deeply involved in cryptocurrency, it was just a reflection of our differing worldviews “She tells me what she wants me to know.
” We both felt extreme exhilaration when we earned money, but when the markets collapsed, we took our frustrations out on one another. “
Michelle is 37 years old.
If money is not dealt with efficiently and transparently, it may have a negative impact on relationships. “Cryptocurrency addictions can severely strain relationships, resulting in communication issues, a lack of adequate engagement, irritability, minimal emotional expression, family splitting and other divisiveness, resentment and conflict, and the erosion of trust, among other issues,” says bankruptcy attorney Lyle Solomon.
Lyle goes on to say that investing in and trading cryptocurrencies may be very addicting, which is a contributing factor to the issue. “Money-making causes the release of a large amount of dopamine and other “feelgood” neurotransmitters, which results in an extremely high degree of pleasure. As the brain loses its capacity to get dopamine from other sources, the person becomes more reliant on this dopamine surge. Similarly to a drug or alcohol addiction, this is a problem “Lyle has informed me.
As addictive as bitcoin trading may be when things are going well, the ramifications of a poor investment can be disastrous. “When someone loses money, it may seem like they’re going through a detox from drug addiction,” Lyle explains. They become more concerned with completing their next transaction or seeing the price move in their favor, which is comparable to chasing the next high.
You’re Getting Divorced…Now What? is written by a divorce attorney and published by a publishing house. Having seen the detrimental effects of cryptocurrencies on relationships firsthand, Sandra Radna is well-versed on the subject matter. When assets are kept secret or acquired without the permission or knowledge of the other spouse, “crypto usually has a negative impact on relationships,” she says. For example, “If money is lost due to an unauthorized cryptocurrency purchase, it is understandable that this might lead to conflicts in the home.”
Financial infidelity between spouses may be caused by cryptocurrency. Spending money, having credit or credit cards, having hidden accounts or stashes of money, borrowing money, or otherwise accumulating debt without the knowledge of one’s spouse, partner, or significant other is considered financial adultery in most jurisdictions. The impact of financial infidelity was investigated by academics at the University of Indiana in 2019. They came to the conclusion that it “has the potential to be as harmful to relationship health and longevity as sexual infidelity,” because disagreements over money are also a primary cause of divorce.
The same is true, according to Sandra, who reports that she is increasingly encountering clients who have been victims of financial adultery using cryptocurrencies. According to her, “in my practice, I have encountered failure to disclose the acquisition of cryptocurrency as a problem that broke the trust of a spouse and resulted in divorce when combined with other factors that damaged trust in the marriage.” Most crypto investors seem to be aware that their actions may have a negative impact on their connection with the cryptocurrency exchanges. An article from Tech Domains describes how “60 percent of cryptocurrency investors believe their belief in or investments in cryptocurrencies have had a detrimental effect on their personal relationships,” according to the report.
Nobody believes it is a foregone conclusion that trading or investing in cryptocurrency would have an impact on their personal lives. Finally, Emma came to terms with Cristiano’s business dealings. Despite this, there are certain disadvantages, including the fact that the cryptocurrency market is never completely closed down. It’s as if neither of us had a shut-off button, she says at the end of the article. They are often up until 3 a.m., according to Cristiano and his partner You’re Getting Divorced…Now What? is written by a divorce attorney and published by a publishing house. Having seen the detrimental effects of cryptocurrencies on relationships firsthand, Sandra Radna is well-versed on the subject matter. When assets are kept secret or acquired without the permission or knowledge of the other spouse, “crypto usually has a negative impact on relationships,” she says. For example, “If money is lost due to an unauthorized cryptocurrency purchase, it is understandable that this might lead to conflicts in the home.”
Financial infidelity between spouses may be caused by cryptocurrency. Spending money, having credit or credit cards, having hidden accounts or stashes of money, borrowing money, or otherwise accumulating debt without the knowledge of one’s spouse, partner, or significant other is considered financial adultery in most jurisdictions. The impact of financial infidelity was investigated by academics at the University of Indiana in 2019. They came to the conclusion that it “has the potential to be as harmful to relationship health and longevity as sexual infidelity,” because disagreements over money are also a primary cause of divorce.
The same is true, according to Sandra, who reports that she is increasingly encountering clients who have been victims of financial adultery using cryptocurrencies. According to her, “in my practice, I have encountered failure to disclose the acquisition of cryptocurrency as a problem that broke the trust of a spouse and resulted in divorce when combined with other factors that damaged trust in the marriage.” Most crypto investors seem to be aware that their actions may have a negative impact on their connection with the cryptocurrency exchanges. An article from Tech Domains describes how “60 percent of cryptocurrency investors believe their belief in or investments in cryptocurrencies have had a detrimental effect on their personal relationships,” according to the report.
Nobody believes it is a foregone conclusion that trading or investing in cryptocurrency would have an impact on their personal lives. Finally, Elizabeth came to terms with Cristiano’s business dealings. Despite this, there are certain disadvantages, including the fact that the cryptocurrency market is never completely closed down. It’s as if neither of us had a shut-off button, she says at the end of the article. They are often up until 3 a.m., according to Cristiano and his partner Elizabeth. In addition, they speak about cryptocurrency a lot in their personal life. Because we’re both so absorbed with work for the most of the day, and because we don’t operate on a traditional nine-to-five schedule, it’s difficult to turn off the conversation about it. Not only have Cristiano and Elizabeth avoided financial ruin, but they have also avoided losing their relationship with one another as well. At the moment, the only thing they are missing out on is sleep.. In addition, they speak about cryptocurrency a lot in their personal life.
Because we’re both so absorbed with work for the most of the day, and because we don’t operate on a traditional nine-to-five schedule, it’s difficult to turn off the conversation about it. Not only have Cristiano and Elizabeth avoided financial ruin, but they have also avoided losing their relationship with one another as well. At the moment, the only thing they are missing out on is sleep.
