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Bitcoin and most other cryptocurrencies suffered another tough day recently. Over the past 24-hour period, the original blockchain reward token lost over 4%, while number-two ethereum lost more than 12%. This follows already steep losses that occurred over the past two or three days, setting in motion an uglier side of the blockchain: bitcoin suicides.

While the topic may seem like fantasy, enough incidents exist that confirm its validity. Moreover, as cryptocurrencies have gone international, so have bitcoin suicides. For instance, NZ Herald ran a story this year about a young bitcoin millionaire who inadvertently gave away his home address on social media. Low-life thugs used this information to track down the victim, and stole his money.

Although the young man was lucky to survive the harrowing incident, he couldn’t come to terms with his monetary losses. As a result, he ended up taking his own life.

Yet bitcoin suicides aren’t always so violent and macabre. A Reddit user posted a testimony about his brother killing himself after losing most of his coins from a hack. In this case, it wasn’t the theft that drove him to suicide; rather, it was the regret of what could have been.

 

Bitcoin Suicides Sadly Likely to Rise

Given the euphoric highs and disastrous lows associated with cryptocurrencies, several people are concerned about impending bitcoin suicides. Mainstream media have reported a dramatic rise in demand for suicide hotlines following the digital markets’ wild volatility.

I’m not entirely sure that these efforts, noble as they are, will have a meaningful impact in mitigating this crisis. Unlike most other assets that young people dive into, cryptocurrencies have dramatically changed many investors’ lives. You can’t say that about stocks, gold, or real estate.

Not only that, we can empathize with bitcoin suicides. Kids aren’t killing themselves over a buck or two; with the blockchain markets, they’ve uncovered a pathway to profound riches. We’re talking about MTV Cribs coming to fruition.

But imagine if all of that is taken away in a blink of an eye. For anybody, such deep financial losses are tough to swallow. But for youngsters in their early twenties, their brains probably haven’t been fully developed to handle such crises.

Their only resort from their pained perspective is to make the ultimate decision.

I’ll take this opportunity to share this: no financial occurrence is worth taking your life. Bitcoin offers an incredible opportunity for explosive profitability but it’s not the only opportunity.

If wealth is what you’re seeking, the primary prerequisite for success is living. Everything else is secondary.

And if you’re feeling suicidal over your cryptocurrency losses, PLEASE seek help. In the U.S., the National Suicide Prevention Lifeline is 1-800-273-8255. Someone is always available to take your call, 24 hours a day.

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