The need to recognize and treat mental health is growing globally. With the COVID-19 pandemic, living and financial circumstances have changed substantially for billions of people around the world.
In the midst of changing social dynamics and global markets, the crypto industry has remained relatively stable, and even thrived compared to some other industries. However, within this unique global industry that often operates 24/7, an interesting work and life dynamic arises.
The crypto industry spans multiple continents, with companies working across many different time zones. Add ever-changing market conditions to the mix, and the innovative, fast-paced industry can bring unique implications for the well-being and mental health of its participants.
In light of World Mental Health Day, we want to provide some insights from a couple of people who operate at the core of our industry, and who frequently witness and report industry developments at the frontlines.
For traders: limit screen time and trade safely
CoinTelegraph Editor in Chief Jon Rice says, “participants in a global, 24/7 market—who are the custodians of their own wealth—have to be especially diligent with their health. The mental stress of dealing with constant notifications, alerts, Tweets and updates means making a conscious decision not to FOMO into tequila transfers or make financial decisions when exhausted, depressed, or overly excited.”
“The gamification of money means that emotion plays an even bigger part in the crypto industry than in traditional markets. And the only way to be dispassionate about a game, is not to be so invested that you can’t afford to lose. As in all things, moderation is a critical part of keeping crypto fun and exciting.”
Leigh Cuen, a journalist and #CryptoTwitter influencer, says that “HODLing is less stressful than trading” and “try to trade with a calm and clear mind, not from fear or panic…[and] limit screen time when possible.”
For all: minimize negative interactions
#CryptoTwitter is famous for active conversations and heated debates. In a hyper-connected industry, Leigh highlights the importance of minimizing negative interactions.
“Try not to fight, even when people are wrong. Instead, spend time with loved ones rather than in public (virtual) squares. Social media is a tool for connecting with friends, chatting more, and broadcasting less can be helpful during stressful times.”
“The best free thing you can do for your mental health is to limit media consumption to actionable or inspiring content [work].”
For industry players: take a mental break
Jon describes crypto as a sad puppy. “It’s hard to walk away, and it insists on following if you try. Many of us may have made a deliberate choice to focus more on our work in crypto than on our lives—especially since they’re virtually on pause during the pandemic anyway—because we perceive the opportunity of an emerging market to be worth the temporary imbalance.”
“But the keyword here is temporary. When crypto burnout hits, it hits hard. I’ve seen several prominent (and wise) people take mental breaks from the industry for a few days or even a few weeks. And as far as I can tell, they have all come back invigorated, stronger, and more resilient. Even if you can’t take a long break, maximize the benefit of the short walks or the lunch hour. And that means leaving the screen (and the notifications) behind.”
As our fast-paced market continues to scale and grow, we hope to bring more awareness to work-life balance and well-being, so our industry can continue to thrive. Remember—health is wealth!
Share your thoughts with us on #WorldMentalHealthDay over at our Twitter.