The cryptocurrency industry has been experiencing an ongoing bear market, causing many individuals to struggle with emotional well-being. However, mental health professionals and wellness thought leaders can provide essential guidance during these tough times. Elizabeth Sterbenz, a licensed psychotherapist in California specializing in individual, couples, and financial therapy, and Srikumar Rao, an international speaker and executive business coach with a PhD from Columbia University, share their insights on how to manage the depreciation of crypto portfolios and move forward with intuitive happiness in an interview with Magazine.
Rao believes that crypto traders, developers, and community members have been hit by a tsunami, struggling through a long-term crypto winter with no immediate signs of warming. He suggests that individuals accept that winning is not necessary for happiness and use the bear market as an opportunity to learn how to surf the tsunami while calmly observing what’s happening below. Rao further emphasizes that happiness does not come from making the right trade or earning money, as this is a false belief. He explains that one must accept this before making any investment and that happiness can exist without financial success.
Sterbenz takes this a step further and recommends seeking the help of a financial adviser during tough times. Obtaining objective financial advice can provide peace of mind, allowing individuals to focus on their well-being. Moreover, Rao emphasizes that cryptocurrency has no intrinsic value and that the value is only what people believe it is. Therefore, individuals must accept that bad trades may happen and that cosmic justice does not always exist. One should enjoy playing the game and not necessarily have to win to experience satisfaction or joy.
Many individuals fear the inevitability of stricter federal regulatory efforts and crypto corruption. Sterbenz believes that this is nothing to be ashamed of and does not mean that participating in crypto is disreputable or embarrassing. She suggests separating bad behavior from unscrupulous characters and merely accepting that bad actors exist. Rao insists that blaming lousy luck or crypto losses on bad actors will not lead to happiness or peace of mind, as distress and unhappiness can result.
According to Rao, traders who have lost everything must accept that they believed something that turned out to be disastrously untrue. Happiness cannot be found in a successful trade any more than it can be lost by a bad one. Individuals must not beat themselves up and instead recognize that this was wrong. They should pick up the pieces, not make the same mistake, and focus their awareness on what to do next.
For those struggling with severe anxiety or depression, Sterbenz recommends therapy as a gateway to personal growth. She suggests focusing on the concept of radical acceptance, accepting what is not under one’s control and embracing what is happening now in a non-judgmental manner. This can reduce the suffering emotional or physical pain may cause. Sterbenz emphasizes that if someone is experiencing thoughts of self-harm, they should seek help immediately from a medical professional or a trusted friend.
In conclusion, mental health professionals and wellness thought leaders provide essential guidance during tough times in the cryptocurrency industry. Regardless of the situation, individuals must remember that happiness does not solely depend on financial success and that seeking objective financial advice can provide peace of mind. It is also vital to accept that bad actors exist, focus awareness on what to do next, and seek professional help to break free from negative thoughts and feelings.
