According to a US study, 72 percent of all founders struggle with mental health problems. Bitpanda boss Eric Demuth also worked until he dropped. In the ntv podcast “Now Honestly” he talks about the mental strain of building a company.
Cryptocurrencies promise investors rapid profit curves. The signs are currently pointing to success again. Because the best-known digital currency Bitcoin is reaching one all-time high after another. But as steep as the rise of cryptos is, the decline can set in just as quickly. The market is exposed to extreme fluctuations and scandals, such as the one surrounding the bankruptcy of the crypto exchange FTX, were a turning point for the crypto world. Lost trust must be regained. Eric Demuth is also committed to this. He is the founder of Bitpanda, the most important crypto exchange in German-speaking countries. Founded in 2014, it claims to have more than four million users. Cryptocurrencies, precious metals and stocks can be traded via Fintech.
Extreme profits and extreme losses through cryptocurrencies, that is the balancing act in which Demuth operates. As a crypto exchange, Bitpanda is repeatedly exposed to these strong market fluctuations. In 2022, the company recorded a loss of 116 million euros and sales fell from 478 to 90 million euros. The reaction back then: massive job cuts, among other things.
Demuth is still sticking to the smaller team. He believes it now works “more efficiently than ever before.” Another advantage is noticeable: the cost structure remains the same. This makes Bitpanda more robust against fluctuations, says the founder. Because: Staying profitable, even if Bitcoin and Co. decline, is what Demuth is concerned about now. He speaks of a central development step that he has taken.
Three out of four founders have mental health problems
Demuth is open about the fact that dark sides lie behind the dazzling facade of founding a business. According to US study 72 percent of founders struggle with mental health problems.
The startup world is known for its hustle culture, i.e. working until you drop. Demuth also lived according to this principle. The stress factor drives him, he says. Still, he was mentally exhausted in 2018. Demuth calls what he experienced a severe burnout. Openness on the subject is important to him.
In the podcast he describes it like this: “Burnout is different for everyone. For me, it wasn’t that I couldn’t get out of bed in the morning, but more of a kind of anxiety disorder that I had a health problem. That’s a disgusting feeling. “
“You make quantum leaps”
When nothing works anymore, his team and his private environment support him. It takes about six months for him to feel better mentally. Since then, he has paid attention to his mental health and describes himself as more resilient than ever before.
In the startup world and especially in the crypto world, you are confronted with constant changes. Eric Demuth now says he knows how to deal with it. His conclusion: “You make quantum leaps when you are at peace with yourself!”
With Eric Demuth said Janna Linke. The conversation has been shortened and smoothed for better clarity. You can read it completely in the ntv podcast “Startup – now to be honest” listen.
What lies behind the dazzling facade of the startup scene? Janna Linke knows it. In the podcast “Startup – Honestly Now” she takes a look behind the scenes of the start-up scene every week and talks about topics that are currently making headlines. She classifies, asks questions. Personal, honest and with real added value. To do this, she speaks to personalities from the scene, experts and gives you an absolute all-round view. Together you will delve deep into the startup world.
“Startup – now honestly” – the podcast with Janna Linke. On RTL+ and everywhere there are podcasts: Amazon Music, Apple Podcasts, Spotify, RSS feed