A Seattle-based doctor is giving medical advice to those who may have lost money in the recent crypto crash. Dr. Tobias Dang – a psychiatrist and director of mental health and wellness at Kaiser Permanente – says that there are things people can do to ensure their minds and spirits remain solid and hopeful during this time of monetary strife.
Dr. Dang on Keeping Your Sanity
The crypto crash appears to have affected quite a few people. In what appears to be an outright repetition of 2018, this year has done nothing but bring heavy dips in the prices of the world’s leading digital currencies. Bitcoin, for example, was trading for as high as $68,000 in November of last year. At the time of writing, the world’s number one digital currency by market cap is trading for about $40,000 less than where it was just seven months ago.
Things have dropped fast, and some analysts believe they will continue to move downward before the space bottoms out. Kyle Stober is one of the people who lost a hefty amount in the recent crash. In an interview, he stated:
It’s a punch in the gut. You’re not mad. You’re just kind of numb.
Stober said he invested rather conservatively in a new crypto token known as Sand. He commented:
I did lose money. I lost like $200 which is, in the scheme of things, not that much, but when you only put $500 into it, that’s a lot of money.
Overall, Stober lost about 40 percent of his savings. While his initial number wasn’t huge, imagine the losses of someone that invested $100K or more. That’s rather devastating. Stober concluded with:
I do know somebody who pretty much put their entire life savings into cryptocurrency. I don’t know where their head’s at right now, but I can only imagine how devastating that would be.
Dr. Tobias Dang says the big downfalls come for people who cannot see themselves in better positions in the future. They become too enveloped in the crisis they’re dealing with, and they cannot shift away from it. He stated:
Identify, ‘Oh, I’m getting so stressed that I can’t see another way out.’
Maintain Your Positivity
Dang believes thinking long-term and trying to look further down the road is key to maintaining one’s mental sanity and coming out of the tunnel unscathed when financial drops occur. He says:
We think about the long-term. We think about what we have. We think about what we do for ourselves on a regular basis to stay healthy. It’s important to think about how people deal with a shocker, an immediate situation that is immediately anxiety-provoking.
Among the tactics one can use to stay upbeat, he says, include exercising, getting fresh air, having a regular sleep schedule, and avoiding financial news.