Bitcoin investors build identity around crypto and can’t walk away

Have you ever seen someone double down on something even when confronted with evidence that they were wrong?

A good example of this: cryptocurrency investors.

One report covering investors who lost a significant portion of their money to cryptocurrencies revealed some haunting insights on this:

“In the United States, Charles Herman, a 29-year-old small-business owner in Charleston, S.C., became obsessed with virtual currencies in September. He said he now felt that he had wasted 10 months of his life trying to play the markets.

“‘There’s just so much more behind this new wave of technology and innovation that I’m sure will take over our society in due time,’ Mr. Yoo said. With prices down so much, he said he was actually looking to put more money into the markets.”

What do you see here? Many of them don’t treat bitcoin as an investment. Instead, bitcoin becomes part of their identity.

And when that happens, it becomes nearly impossible to change — even when they’ve lost a…