The recent drop in Bitcoin price has prompted many to post suicide prevention hotline numbers on forums and social media.
There’s nothing like seeing your finances dwindle to start a panic. The volatility in Bitcoin price this year has probably led many hodlers to have permanent ulcers. For a short time, the value of BTC rebounded and held steady, but the most recent drop has prompted some people to post numbers for suicide prevention hotlines on social media and in forums.
Bitcoin Price Anguish
In late July, BTC hit $8,375, and this remained close to the average for the rest of the month. August has seen the Bitcoin price drop briefly under $6,000 and it is currently trading at $6,366 (at the time of writing).
It’s been a hard year for Bitcoin. The cryptocurrency had reached its all-time high of nearly $20,000 back in mid-December, 2017. The bull run mania had many crypto enthusiasts dreaming of becoming young millionaires and buying lambos. Then the correction hit, causing the coin to lose a large percentage of its value.
The most recent dip has caused a good deal of concern for the mental health of many Bitcoin holders. People are posting hotline numbers for suicide prevention and counseling services in various online forums, such as Reddit, and on social media.
We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin
— Ted Rogers (@tedmrogers) August 14, 2018
Will the Slide Continue?
The last 24 hours have seen some recovery as many of the top cryptocurrencies are in the green. Still, August has been brutal, and even Ethereum dropped below $300 for the first time in 9 months.
A number of individuals are predicting that the hard times are not over. Xapo president Ted Rogers says that we may be in the “midst of an extinction-level event” wherein 90 percent of the currencies on CoinMarketCap will disappear.
Investing.com senior analyst Clement Thibault says:
Looking ahead, I don’t think we’re at the end of the cycle just yet, and I can see bitcoin and other cryptocurrencies continuing to fall before a meaningful return back up.
Then there are those who have never been fans of Bitcoin and other virtual currencies. The ex-CEO of Paypal, Bill Harris, recently told CNBC that Bitcoin is just a cult, saying:
The cult of bitcoin [makes] many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things.
Sheffield Clark, the CEO of Coinsource, a Bitcoin ATM vendor, mentions how people who jumped onto the BTC bandwagon during the bull run in 2017 have been burned. He states:
An enormous amount of new money entered the market late last year as the industry was booming, and those new investors are likely hurting right now.
However, Clark is still optimistic about the future of Bitcoin, saying:
As any believer in this technology will tell you, however, bitcoin isn’t going away.
Overall, the ups and downs of the Bitcoin price can definitely be trying. If you do feel seriously depressed over the current state of the cryptocurrency market, reach out and solicit help. Changes in one’s personal finances can be temporary and fixed. The grim alternative cannot.
What do you think about people posting suicide prevention hotline numbers? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@tedmrogers.