Young Koreans Suffer Bitcoin Blues

      February 02, 2018 13:03

      A university student killed himself on Wednesday, apparently because his Bitcoin investment unraveled. Police say they are investigating since he did not leave a suicide note, but he reportedly had a hard time because he lost all his investment in a recent Bitcoin crash after it had multiplied 10-fold at one point.

      He is not the only one. Many young people are suffering from the blues in the wake of the Bitcoin crash, with symptoms ranging from loss of temper, lethargy and insomnia to anxiety and loss of appetite.

      Experts say the blues can stem both from losing money and failure to capitalize on the boom. "Hearing stories of other people making fortunes from Bitcoin investments is making many feel a sense of regret and failure," said Paik Jong-woo at Kyunghee University Medical Center.

      People in their 20s are more vulnerable. Shin Yong-wook at Asan Medical Center said, "Those young people are going through a tough time in this recession and tight job market and seek to escape the reality and get rich quick. But losing everything on such bets leads to a sense of panic."

      Bitcoin has sometimes fluctuated 20 to 30 percent in a single day, which translates into an emotional rollercoaster for investors. And cryptocurrency exchanges are open around the clock, leading to sleepless nights as well.

      The sense of helplessness to stem losses worsens the depression, and investors feel that government intervention causes havoc in the market. 

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