60% of Bitcoin investors state that their belief in cryptocurrencies and their investments is having a negative impact on their personal relationships. Among investors who have invested between 50% and 75% of their net assets in Bitcoin, Ethereum & Co., 94% reported a negative impact, according to a new infographic from Block-Builders.de.
Enormous price fluctuations have helped numerous investors to become wealthy within a very short time. Studies have shown that high incomes are correlated to a certain degree with higher life satisfaction. Yet the suicide rate is also higher among people with high incomes, according to the results of a survey published in the British Medical Journal. More recent studies also confirm these findings. Most importantly, it seems that rapid increases in prosperity can lead to complications for relationships.
“One person in a relationship investing in cryptos when their partner is a vehement non-believer would create natural stresses […] If one person becomes a paper millionaire, or loses everything, the perception of both parties toward each other could change”, according to Jeffrey Halley of broker Oanda.
Money and Relationships
The infographic also shows that for 83% of Germans, openness and equality in finances are important factors in a happy relationship. This demonstrates that financial concerns can have a major impact on relationships and the social fabric.
Regardless of the above trends, cryptocurrencies are on the upswing in several respects: firstly, prices have gone through the roof in recent months, and secondly, more and more citizens are inclined to actually use digital currencies. 4 in 10 people expect to use cryptocurrencies for payments in the coming year.
Despite strong price gains, search volumes on Google for the term “cryptocurrencies” was even higher in 2017 than it is today. The Google Trend Score, which indicates relative search volume, currently stands at 75, with 100 representing the highest possible search volume (5-year review).
Much as with financial decline, its opposite can also be detrimental to one’s own well-being and social relationships. The sociologist and ethnologist Émile Durkheim describes rapid economic advancement as a disorienting process.