Does cryptocurrency hurt personal relationships?
Although cryptocurrencies offer many interesting utilities and benefits for societies around the world, the negative impacts of cryptocurrency on society are real, for example, in human relationships.
Imagine your significant other being addicted to cryptocurrency—but you don’t know. That’s a big deal if they risk assets they can’t afford to lose. And keeping their involvement in the market a secret makes matters even worse.
Secret or not, some people are addicted, completely unable to detach from the market. Perhaps they regularly jolt awake at 5AM fretting and anxious, hopping on the computer screen to catch the latest trade. They ride the emotional rollercoaster as the volatile market goes haywire each week.
This type of trading can be problematic for any individual or relationship.
Some people invest in crypto in a reasonable manner. They discuss their involvement with their partner. They keep no secrets. Their life is not run by crypto. They maintain emotional and financial balance. They educate themselves and don’t risk more than they can afford to lose.
Cryptocurrency can definitely ruin relationships if there’s no honest discussion between partners or if one someone has a gambling or addiction problem. The asset of course is not the real problem here; this is a human problem. But the volatile nature of this relatively new asset class comes with much risk compared to more traditional asset classes.
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Fear of relationship damage from crypto
A recent survey study has found that two out of five Americans in committed relationships have admitted to hiding a cryptocurrency purchase from their partner. The crypto-cheating partners believe disclosing the purchase would damage their relationship.
A Circuit survey study that sought to determine the extent of financial infidelity among Americans has found that two out of five respondents hid cryptocurrency purchases from their partners. According to the survey findings, respondents that confessed to concealing crypto purchases from partners believe revealing such acquisitions would damage their relationship.
As noted in a blog post that summarizes the survey findings, American partners in committed relationships often fail to disclose certain acquisitions because they feel such purchases are either insignificant or none of their partner’s business. The post notes that “parents were more likely than those without children to hide purchases from their partners.” Embarrassment or the fear of being judged are some of the other reasons why Americans choose to hide certain purchases.
Besides hiding cryptocurrency purchases, the survey found that American partners also fail to disclose about nine other secret acquisitions. These acquisitions range from adult toys and pornography to food and grocery delivery.
Hiding crypto from a partner is trouble
Although respondents have their reasons for choosing to make the purchases secret, the blog post warns that lying about money matters “can lead to distrust, debt, fights and relationship trouble.” Therefore, to minimize the risk of getting caught, Americans are said to employ different tactics to stop keep their secret purchases from being discovered.
One such tactic that was apparently used by 38.9% of respondents to prevent a partner from discovering a secret purchase is the opening of a secret credit card. In other instances, the respondents said they would request the delivery service to hide the purchase. According to the study findings, about 41.1% of men had asked the delivery service to hide a purchase, compared to 34% of women that did the same.
On the other hand, the survey found that 1 in 3 women have intercepted a driver right before a delivery is made. Only 1 in 4 men admitted to doing the same.
According to the survey findings, the most effective method used by Americans to hide purchases is the clearing of browsing history. About 45.7% of the respondents admitted to using this method. Special delivery requests are the next most effective method used by cheating partners.