Set to explore current investor habits and the impact that 24/7 crypto trading can have on mental health, The Sleep Judge surveyed over 1,000 Americans and uncovered which cryptos are causing the most anxiety.
Losing sleep over crypto
The survey uncovered that “the generation most invested in cryptocurrency was Generation X, with 70% of respondents born from 1965 to 1980 identifying as crypto investors. Baby boomers and millennials weren’t too far behind at 68% and 67%, respectively. Less than half of Gen Zers surveyed were currently invested in crypto.”
“The greatest divide between the generations became apparent when we asked about reasons for investing in crypto,” read the report, revealing that 57% of baby boomers are invested in crypto for retirement, while 49% of millennials are invested to make money quickly.
The results also revealed that, while most crypto investors check their investments on a weekly basis, 50% of Gen Zers were most likely to check the market daily.
Almost 70% of non-investors reported good to excellent sleep quality versus around 63% of those who invest in crypto and, as the survey suggests, there is a clear correlation between the amount of money people had invested in crypto and how well they slept.
“Those who’d invested less than $1,000 reported fewer hours of sleep per night than those with more than $1,000 invested,” read the report, adding that “perhaps those with less invested are kept up at night thinking about how to increase their holdings or worrying about a market dip that may cause losses in their current holdings.”
XRP, XLM, and DOT investors report the highest levels of anxiety
The Sleep Judge concluded the study by examining the effects of crypto trading on investors’ mental health and relationships.
74% of baby boomers are concerned about their crypto investments, followed by millennials (66%), Gen Xers (61%), and Gen Zers (56%).
According to the survey, crypto investors surfaced as more stressed about investment risks than traditional investors.
71% of crypto investors, versus 63,9% of traditional investors said that they would be stressed if all their investments were lost.
“Breaking it down by type of cryptocurrency, Bitcoin (BTC) holders were both the least anxious and least depressed in comparison with other crypto holders. Ripple (XRP), Stellar (XLM), and Polkadot (DOT) traders reported feeling the most anxious and depressed,” read the report, adding that crypto investors were less satisfied with spousal and parent/child relationships than those who didn’t invest in crypto.
“Due to its 24/7 nature, crypto trading can become an addiction for some people in much the same way as gambling. According to recent research, the extreme highs and lows of investment markets can cause mental health issues such as stress, anxiety, and depression,” concluded the report.
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