As you’re reading this, the price of Bitcoin may have soared back into the green, or it could be plummeting to a new bottom following another FTX-type scandal – we’ll get into that later.
But as the veterans like to say, when in doubt, it’s time to zoom out. Bitcoin remains the greatest-performing financial asset of all time, going from zero to a high of $61,000 in around 14 years.
But that offers little comfort to the newbies caught on that white knuckle ride known as your first year in crypto.
So where are people stressing out the most over their decision to bet on Bitcoin?
CoinKickoff decided to investigate. Its researchers collated over half a million crypto-related geotagged tweets, then analyzed the content with sentiment tracking software to show the countries and cities with the highest proportion of stressed-out crypto holders.
The most stressful countries to hold crypto
“Stay calm and just keep stacking those sats?”
Tell that to the crypto investors in the United Arab Emirates. They could do with the free advice. Because according to the research CoinKickoff, it’s the most stressful place on the planet to buy and hold crypto. Over 30% (30.7%, to be exact) of crypto investors in the Middle Eastern nation regularly send out tweets containing fear, uncertainty, and doubt (FUD) over their digital holdings.
Other stressful locations for crypto holders include Poland (28.30%), Egypt (28.08%), and Canada (26.79%).
But it’s diamond hands in the Dominican Republic. Here, the Bitcoin believers are buying, holding, and riding out the market volatility stress-free; less than 15% of investors on the island tweet any concerns over their decision to bet on Bitcoin and other cryptos.
Confidence or confirmation bias? Time will tell!
Crypto investments sentiments across the US states
Most Hawaiian ‘hodlers’ are displaying zero worries about their crypto stashes; less than 1 in 5 crypto-related tweets geotagged on the island contained any negative sentiments.
But the most chill US crypto investors are in Delaware. Under 20% of analyzed tweets from Delaware referenced the dreaded crypto FUD. It looks like the ‘Diamond State’ is another place where most crypto investors take the diamond hand approach, i.e. refusing to sell during the most extreme periods of downward price volatility.
We need to talk about Wyoming. It’s the home state of Senator Cynthia Loomis, one of the most super-bullish Bitcoin politicians in the USA and a major driver of the upcoming US crypto bill.
But her passion for all things crypto hasn’t spread through the rest of Wyoming yet; nearly 1 in 3 (29%) of crypto tweets from Wyoming were less than positive, making it one the most stressed US states to live in when it comes to buying and holding crypto.
The only states where crypto investors appear more stressed are Vermont (30.39%) and New Mexico (33.14%.)
Cities where crypto investors are the most stressed
If you’ve been lucky enough to spend time in Amsterdam, you’ll know that the locals are famous for their friendly and easy-going outlook. And it’s not because of what’s available in the city cafes.
Being chill is just how the folk of Amsterdam like to roll.
Unless we’re talking about their Bitcoin and crypto holdings. With a FUD-tweet ratio of over 30%, Amsterdam is the city where global crypto investors are the most stressed.
Nicosia, Cyprus, is another European city where high-stress levels (26.79%) are part of daily life for crypto investors. It makes sense. Cyprus is one of the most pro-Bitcoin countries in the world and a popular location for crypto whales with whale-sized portfolios.
These investors can lose millions based on what Elon Musk decides to tweet out that morning. No wonder they’re firing back on Twitter.
Welcome to the weird world of crypto, where a few hundred characters from a kooky billionaire can wipe millions off a market cap.
US cities where holding crypto is super-stressful
Bitcoin holders in Albuquerque, New Mexico, will be looking forward to the US crypto bill scheduled for the end of this year. The legislation aims to bring some much-needed clarity to this emerging market.
And clarity and reassurances are exactly what crypto investors in Albuquerque need. Right now, 32.6% of those with Twitter accounts use the platform to share their investment worries and frustrations.
What crypto holdings cause the most stress?
If you know anything about the current state of the crypto market, then you can probably guess what coin is causing holders the most stress and pain.
That’s right – it’s the FTX token, the native currency of the now-defunct FTX trading platform.
37.99% of all FTX-related tweets were negative, with sentiment ranging from ‘WTF happened?’ to outright Twitter rage.
And the rage is justified.
The FTX exchange and the value of its token collapsed over ten days following a liquidity crisis. Since then, all kinds of revelations have come to light, including evidence of widespread institutional fraud, misappropriation of customer funds, and a suspiciously timed hack that siphoned off $600million worth of crypto just before the bankruptcy was announced.
Not good. Not good at all.
Will FTX be the wake-up call the crypto industry needs before it can go truly mainstream? Many Twitter users will hope so.