Elon Musk believes that monitoring cryptocurrency values may have a harmful effect on one’s mental health. Elon Musk, CEO of Tesla, is persuaded that tracking cryptocurrency values might result in mental health concerns, as he recently said in a tweet.
His warning comes after Bitcoin’s price fell more than 7% in less than a minute on Thursday before swiftly recouping the loss. This week has been incredibly volatile in the cryptocurrency market, with the Shiba Inu coin grabbing the show.
Meanwhile, Ether, the second-largest cryptocurrency, just reached a new all-time high of $4,416. While Musk owns Bitcoin, Ether, and Dogecoin personally, his cryptocurrency holdings are unlikely to be substantial enough for him to be concerned about cryptocurrency prices. Tesla CEO Elon Musk’s net worth has already crossed a mind-boggling $300 billion.
Musk recently claimed on Twitter that he purchased the aforementioned coins “out of curiosity” and denied possessing Shiba Inu. Musk’s fears are legitimate. According to a report, a poll discovered that college students experience stress and mood fluctuations as a result of bitcoin investment.
In Scotland, there is a treatment center for persons who are addicted to bitcoin trading. Castle Craig in Edinburgh has previously treated 15 crypto-obsessed patients.
While cryptocurrency addiction has not yet been classified as a distinct disorder, it often resembles compulsive gambling. People get addicted to volatility due to social media and the promise of large returns.
Also Read: MicroStrategy Added 9,000 Bitcoins Last Quarter, Bringing Its Total Holdings To $7 Billion
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