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Elon Musk Believes That Crypto Can Take a Toll on Your Mental Health

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Fri, 10/29/2021 - 05:27
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Alex Dovbnya
Elon Musk thinks that checking cryptocurrency prices could be detrimental to your mental health
Elon Musk Believes That Crypto Can Take a Toll on Your Mental Health
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Tesla CEO Elon Musk is convinced that following cryptocurrency prices can cause mental health problems, according to his recent tweet.

His warning comes after the price of Bitcoin crashed more than 7% within a minute before quickly paring the entire drop on Thursday. 

The cryptocurrency market has been extremely turbulent this week, with the Shiba Inu cryptocurrency stealing the show.

In the meantime, Ether, the second-largest cryptocurrency, hit a new all-time high of $4,416 a few hours ago.  

While the billionaire personally holds Bitcoin, Ether and Dogecoin, Musk’s cryptocurrency holdings are unlikely to be big enough for him to sweat about crypto prices. The net worth of the Tesla boss has now surpassed a staggering $300 billion.

Musk recently tweeted that he bought the aforementioned coins “out of curiosity” and denied holding Shiba Inu.

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Cryptocurrency addiction is real

Musk's concerns are not unfounded. As reported by U.Today, a survey found that college students suffer from stress and constant mood swings due to cryptocurrency investing.   

There is a rehab clinic in Scotland for those who suffer from cryptocurrency trading addiction. Edinburgh-based Castle Craig has already treated 15 crypto-obsessed patients. 

Even though cryptocurrency addiction is yet to be recognized as a separate condition, it tends to resemble compulsive gambling. Social media and the promises of big gains make people hooked up on volatility.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.