It has been a brutal time for the cryptocurrency market and a difficult time for cryptocurrency investors to keep their emotions in check.
The collapse in the sector’s market cap was driven by terraUSD, one of the most popular USD-pegged stablecoins, which imploded pretty much overnight. But bitcoin and ethereum have also seen a massive drop in prices from recent bull market highs.
A cultural icon known for being in touch with emotion – and for his recent foray into the NFT space – Deepak Chopra says investors can’t ignore the recent cryptocurrency market crash, but should be able to see further.
“The cryptocurrency world is in crisis, having lost billions of dollars. We are in a bear market, ”Chopra told CNBC recently at Gary Vaynerchuk’s” VeeCon “in Minneapolis.
“Right now is the time to think long term in these financial markets, including cryptocurrencies. I think emergence happens when you have the greatest diversity of people who are creatively clinging to each other, complementing each other and having some sort of spiritual and emotional ecosystem where they can help each other and that’s what’s happening in the crypto community right now. “Chopra said.
Deepak Chopra, co-founder of the Chopra Center for Wellbeing and founder of the Chopra Foundation.
Adam Jeffery | CNBC
It is unclear whether the recent defeat marks the upcoming “cryptocurrency winter” – a multi-year bear market occurring on a cyclical basis for the crypto asset class – although declining trading volumes on cryptocurrency exchanges are a sign we could go. in that direction. The last so-called cryptocurrency winter lasted from 2018 to the fall of 2020 when the value of cryptocurrencies plummeted and layoffs were on the agenda.
There are over 19,000 cryptocurrencies and dozens of blockchain platforms, the underlying technology on which cryptocurrencies are built. Not all of them will survive, and some cryptocurrency industry leaders are expecting a period of “creative destruction” that will wipe out many players.
Mark Cuban, who has become a major investor in blockchain-based technologies, recently likened the collapse of cryptocurrencies to the “lull the Internet had” during the dot-com bubble. He tweeted that there were too many impersonators. “Chains that copy what everyone else has will fail,” Cuban tweeted. “We don’t need NFT or DeFi on every chain. “
Earlier this year, Chopra’s foundation partnered with crypto crowdfunding platform EarthFund to launch a collection of NFT tokens aimed at helping people achieve mental and emotional health. Token holders can earn rewards that allow them to “fund money and decide as a community which mental wellbeing projects get the funding they need to make a difference,” according to a March release.
The Chopra Foundation also participated in Hollywood actress Emilia Clarke’s SameYou NFT initiative launched in November 2021, which aims to provide better treatment for people recovering from stroke and injuries.
“We use artificial intelligence to talk to people who feel mentally handicapped and if they need guidance, we have a token with EarthFund so we can democratize well-being around the world,” Chopra said. “It’s the future. We want to create global communities of care, affection, appreciation and acceptance, where people are there to support and support each other.”
NFTs are a type of digital asset created to track ownership of a virtual object using blockchain technology. Earlier this week, US prosecutors announced they were pursuing an insider trading charge involving these digital assets for the first time.
“I hope people don’t get sucked into melodrama [of NFTs], because markets always reflect the fickle human mind. One day it’s up, one day it’s down, news and we are in a bull market, the next day there is bad news and we are in a bear market, ”Chopra said.
“Ultimately, history has shown that economic development will happen because we are creative human beings, but we must resist and support each other. Now is not the time for competition, but for cooperation, “she added.