“Many people have been caused serious financial pain.” “The rollercoaster has turned and taken crypto holders on a downward spiral,” says Susannah Streeter, an analyst at Hargreaves Lansdown. Scarcely a day seems to pass without a wave crashing across the sector. The cryptocurrency industry is in roiling waters. They weren’t even able to scream any more. “I had a few people lamenting and crying,” says the group’s founder, a 30-year-old cryptocurrency investor who gives only his first name, Giulio. These are victims of the cryptocurrency bloodbath, 3,315 of whom have assembled in a “Bear Market Screaming Therapy Group” group to vent their anguish. “Waahahahah,” roars a man in a deep baritone. T hey gather on Telegram to let out howls of grief and short, sharp shrieks of pain. “I hate myself for the fact that I didn’t take it out.”
Now, amid the incongruous grandeur of a Scottish stately home, he is attempting to rebuild his life – and quieten the tormenting thought that he should have pulled out his money when he had the chance. (He lost his job when he relapsed his rehab fees are covered by medical insurance.) His cryptocurrency portfolio is worth about €300. In May, jobless and broke, Roy checked into Castle Craig, one of the only centres in the world that treats cryptocurrency addiction. “I would drink and puke and drink and puke and drink and hope to keep it in, so the pain would go away. Most mornings, he would wake up shaking from alcohol withdrawal, order booze online and spend the day drinking and taking drugs. I didn’t want to see anybody, because I thought I was a failure.” “So I became really desperate and eventually just completely isolated. “It got so out of control because I saw all my chances to live a better life fading away,” he says. The value of his portfolio dwindled to €20,000, then €3,000. So, when it came crashing down, my whole life came crashing down.”ĭesperate, Roy made a string of bad bets. “Because I had invested everything in crypto. “It felt like I had lost my life,” says Roy. At the time of writing, bitcoin is hovering at £17,000. Since then, it has been in near-continuous freefall. It rallied to an all-time high of £48,000 in November, before diving to £26,000 at the end of January. The price of bitcoin fell from £42,000 in May 2021 to £23,000 by the end of June. Money would fix every single problem I faced from now on.” I always thought the next project would bring me back up again and I’d cash out before it crashed Roy “I thought I was on top of the world,” Roy says.
#CRYPTOCURRENCY WILL JETTISON FREE#
He began fantasising about a life free of financial constraints, in which he would never have to work. By day, he checked his cryptocurrency wallets every 10 seconds by night, he set alarms to go off on the hour. He had been treated for cocaine and alcohol addiction twice, but by 2021 he was sober and working as an addiction counsellor, although he was on sick leave as a result of panic attacks brought on by childhood trauma. Roy started spending all his time watching YouTube videos and speaking to other cryptocurrency enthusiasts in private groups on the messaging app Telegram.
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