While BTC’s (and some altcoins’) earliest investors pocketed millions in profits and achieved financial independence without telling a soul, for some, it was anything but smooth sailing.
Today, I will share first-hand experiences and observations of being actively involved in (dare I say, obsessed with) crypto and how it typically impacts our behaviour. I have also included peer-reviewed journal articles demonstrating that scientists are analysing the relationship between the two.
You will likely lose friends
Or, at the very least, you will become more distant.
One of my good friends only invests in property and doesn’t touch crypto, stocks, bonds, art and collectibles, precious metals, or other commodities.
He has some exposure to these investments through his pension fund, but it is still minimal.
Real estate has been very profitable for many people and offers a solid balance of risk and reward.
Over the years, I’ve noticed hints of resentment for not having heeded my advice since 2017, occasionally reminding him to consider crypto.
I find it downright disappointing when people dare to do this. They refuse to take a small risk (a relatively low one for the most part, before 2021), then have the gall to be bitter about others who had the cojones to have a crack at crypto investing.
Everyone does Bitcoin/altcoins that the price they deserve.
When one door closes, another one opens. You could also make friends through this industry.
Potential impacts on employment
As the asset class has matured over the years and more countries provide regulatory clarity about cryptos and blockchain technology, this has generally positively influenced employment.
Besides new career paths, this industry is very lucrative. Workers typically earn 46% more than average tech workers (and 16% higher than AI-related jobs), which is already a well-paid sector.
In a few cases, speaking from my experience, prospective employers have perceived me negatively because of my views about this space and my commitment to educating people about it through my writing.
As a former environmental scientist, I still have to deal with my peers’ biased opinions about Bitcoin “being harmful for the environment”.
Every industry has environmental impacts, to varying degrees. These individuals conveniently ignore other blockchains and their applications, including energy-efficient proof-of-stake networks.
Suppose they saw the benefits of distributed ledger technology in P2P energy trading, greater efficiencies with supply-chain management, and improved traceability of different goods. In that case, they would avoid concluding that “cryptocurrencies are bad, ” partly dismissing their underlying technologies.
Thus, I’m seen as some crypto-obsessed maverick that’s too distracted by the allure of ridiculous gains.
Moving onto the next point…
You might put off future partners
This could also be beneficial by attracting someone enthusiastic about crypto or, at the very least, not thinking you’re crazy.
I usually ask a woman within a date or two of their thoughts about Bitcoin/crypto, what they have heard about it, etc.
I have mentioned that buying BTC, ETH, XRP, ADA, etc. could be worthwhile, particularly when I discussed this more pre-COVID.
They would give me a disingenuous smile, treating me like I’m (a tad) crazy.
You get used to it and pity their ignorance.
I expect this to continue for the foreseeable future as most people still view crypto as an unsafe and unreliable investment.
A February 2024 survey of U.S. adults by Pew Research Center found that 63% have little to no faith in crypto, and another 14% saying they’d never heard of crypto or declined to answer.
I discuss crypto early on because anyone vehemently opposed to this asset class and someone with no ambition to invest (and opts to live well beyond their means) doesn’t resonate with my values. As a result, I respectfully choose not to pursue a relationship with them.
Time is valuable, so out of respect for everyone, cut them off sooner than later, and move on.
On the flip side, you might meet someone in this industry via a crypto conference, or at least someone keen about investing and open to this investment.
Even then, you still have to be compatible with them in some other aspects of life to make it work, so don’t be put off because we crypto enthusiasts are still in the minority.
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What are some scientific perspectives on this?
Many cryptocurrency traders engage in impulsive behaviour, often underestimating the risks when trading particular digital assets (Jain et al., 2025).
Moreover, these studies note how much (crypto) social media influences these individuals’ decision making, particularly with the ridiculous amount of FOMO (“fear of missing out”, for the uninitiated).
Senturk et al. (2023) cover these concepts in their Relationship of Cryptocurrencies with Gambling and Addiction article, which included this:
Although crypto currency trading has been investigated in many aspects, the psychological dimension that directly affects investors has often been ignored…Some significant components of behavioral addiction are also seen in individuals who spend so much time with cryptocurrency trading.
Furthermore, abrupt and major financial losses due to the wild price swings in crypto often result in poorer mental health, particularly anxiety and depression (Johnson et al., 2023a).
Conversely, it’s important to acknowledge crypto’s positive aspects and the (in)direct psychological benefits it offers.
Ramanathan et al. (2023) noted that it has provided numerous people with financial security and independence. Cryptocurrencies have introduced many to blockchain technology, sparking an interest in pursuing careers in computer science, fintech and other related sectors.
Moreover, even though I alluded to the toxic influences of crypto social media, there are also thoughtful and kind people in this community, several of whom have provided others with sound financial advice that they might not have received otherwise, at least not in due course.
Additional thoughts
By now, everyone would have heard some reference to Bitcoin and cryptocurrencies at large, especially since the advent of spot Bitcoin ETFs and the vast discourse surrounding the US Strategic Bitcoin Reserve.
There’s no need to recommend crypto to family and friends constantly.
Say it once in passing and move on.
If someone asks you, “How much Bitcoin do you own?” always mention a significantly lower amount than it is and downplay your involvement in the space.
Generally speaking, the less you say, the better it is.
There’s no turning back once the cat is out of the bag.
I’ve only told a few people about my digital-asset holdings, and refrained from elaborating on my ongoing accumulation of crypto, telling them, “Yeah, I’ve cashed out much of my holdings” or “I’ve still got a bit,” among other vague responses.
Ignorance is bliss. Some people lack the maturity to deal with another person’s success (or woes) in life, financially or otherwise.
A “friend” shows their true colours during crises or when/if they find out you’ve become wealthy.
Closely observe their actions and note their words. Then, you’ll (likely) discover who they are.
In conclusion, there’s no denying that this space does your head in, especially when you’ve thrown a significant sum into crypto, and you’re riding the wave of intense price volatility.
Over time, you can learn not to let it bother you so much. Don’t neglect a healthy lifestyle (diet, exercise, and sleep) and periodically take your mind off this asset class to avoid forgetting about friends, family, hobbies, entertainment, etc.
Further reading and references
I came across a June 2022 study conducted for the Federal Reserve Bank of Kansas City, titled The Cryptic Nature of Black Consumer Cryptocurrency Ownership.
It notes much higher rates of cryptocurrency ownership relative to stocks and mutual funds, partly due to the allure of potentially higher and faster returns than these more traditional investments. This report also compared crypto ownership rates between black and white Americans.
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Reference list
Jain, L., Velez-Figueroa, L., Karlapati, S., Forand, M., Ahmed, R., & Sarfraz, Z. (2025). Cryptocurrency trading and associated mental health factors: A scoping review. Journal of Primary Care & Community Health, 16. https://doi.org/10.1177/21501319251315308
Johnson, B., Co, S., Sun, T., Lim, C. C. W., Stjepanović, D., Leung, J., Saunders, J. B., & Chan, G. C. K. (2023a). Cryptocurrency trading and its associations with gambling and mental health: A scoping review. Addictive Behaviors, 136, 107504. https://doi.org/10.1016/j.addbeh.2022.107504
Johnson, B., Sun, T., Stjepanović, D., Vu, G., & Chan, G. C. (2023b). “Buy high, sell low”: A qualitative study of cryptocurrency traders who experience harm. International Journal of Environmental Research and Public Health, 20(10), 5833. https://doi.org/10.3390/ijerph20105833
Ramanathan, V., Tripathi, S., Bhattacharya, S., & Varshney, S. (2023). Public health perspectives on cryptocurrency: The good, the bad and the ugly. Indian Journal of Community Health, 35(3), 372-374. Retrieved from http://iapsmupuk.org/journal/index.php/IJCH/article/view/2610
Şentürk, E., Coşar, B., & Arıkan, Z. (2023). Relationship of cryptocurrencies with gambling and addiction. Psikiyatride Güncel Yaklaşımlar, 15(2), 348-355. Retrieved from
https://dergipark.org.tr/en/pub/pgy/issue/72958/1127924
All scientific journal articles featured in this piece are available via open access, at least at the time of writing.
Disclaimers
- N.B. None of this is financial advice; I am not a financial advisor. This is for educational purposes only. You are ultimately responsible for your investments.
- My opinions in this piece might not reflect those behind any news outlet, person, organisation, or otherwise listed here.
- Please do your research before investing in any crypto, staking, NFTs or other products affiliated with this space.
- BTC and ETH account for approximately half of my digital asset holdings, followed by ADA and XRP, making up another 20-25%.
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