Talk about having to check your mobile device every single time to find out how much your Bitcoin investment has gained or lost. According to a recent report by Korea Times, many South Korean college students that invested in crypto suffer from a wide array of mental issues.
According to the survey conducted by information provider Alba Heaven, 68.3 percent of the respondents claimed to have experienced psychological problems. Students in this category are reportedly struggling with the studies and daily routines because of insomnia and stress. Others even claim to be addicted to crypto. Meanwhile, a third of those surveyed agreed to experience mood swings induced by the price performance of the crypto portfolio.
Buy high, sell low
“Buy the dips and sell the highs” is classic investment advice for the stock and crypto industries. However, the report notes that the average college student has less than four months of experience investing in cryptocurrencies. This could mean that they bought at the top or have never witnessed any of Bitcoin’s previous dips.
Following the latest market crash, which saw Bitcoin crash to nearly $30k after hitting $65k a few weeks earlier, many of these students may have panicked and sold. About 60 percent of the poll participants said they have lost money with crypto, with the average loss being 740,000 won ($659).