It has been a brutal time for the crypto market and a difficult time for crypto investors to control their emotions.
The industry market cap crisis was triggered by terraUSD, one of the most popular USD-pegged stablecoins, which collapsed almost overnight. But Bitcoin and Ethereum have also seen massive price drops from recent bull market highs.
A cultural icon known for his connection to emotions – and his recent foray into the NFT space – Deepak Chopra says investors cannot ignore the recent crypto market crash, but they should be able to look beyond it.
“The crypto world is in crisis, having lost billions of dollars. We’re in a bear market,” Chopra recently told CNBC at Gary Vaynerchuk’s VeeCon in Minneapolis.
“Now is the time to think about the long-term prospects of these financial markets, including cryptocurrencies. I think emergence happens when you have the maximum diversity of people clinging to it creatively, complementing each other’s strengths and having some sort of spiritual and emotional ecosystem where they can help each other, and that’s happening right now in the crypto community.” Chopra said.
Deepak Chopra, co-founder of the Chopra Wellbeing Center and founder of the Chopra Foundation.
Adam Jeffery | CNBC
It’s unclear if the recent debacle heralds an approaching “crypto winter” — a multi-year bear market that occurs on a cyclical basis for the crypto asset class — though falling trading volumes on crypto exchanges is a sign that we may be moving in that direction. . The last so-called crypto winter lasted from 2018 to the fall of 2020, when the value of cryptocurrencies plummeted and layoffs became commonplace.
There are over 19,000 cryptocurrencies and dozens of blockchain platforms that underpin the technology on which cryptocurrencies are built. Not everyone will survive, and some leaders in the crypto industry are anticipating a period of “creative destruction” that will wipe out many players.
Mark Cuban, who has become a major investor in blockchain-based technology, recently likened the collapse of cryptocurrencies to an “internet lull” during the dot-com bubble. He tweeted that there were too many imitators. “Chains that copy what everyone has will fail,” Cuban tweeted. “We don’t need NFTs or DeFi on every network. »
Earlier this year, the Chopra Foundation partnered with cryptocurrency crowdfunding platform EarthFund to launch a collection of NFT tokens designed to help people achieve mental and emotional health. According to the March release, token holders can earn rewards that allow them to “invest money and decide as a community which mental health projects get the funding they need to make a difference.”
The Chopra Foundation also participated in Hollywood actress Emilia Clarke’s SameYou NFT initiative launched in November 2021 to improve care for people recovering from stroke and injury.
“We use artificial intelligence to talk to people who feel mentally retarded, and if they need help, we have a token in EarthFund so we can democratize well-being around the world,” Chopra said. “This is the future. We want to create global communities of care, affection, appreciation and acceptance, where people support and support each other.
NFT is a type of digital asset created to track the ownership of a virtual item using blockchain technology. U.S. Attorney’s Office announced earlier this week that it was filing charges of insider trading in these digital assets for the first time.
“I hope people don’t get drawn into the melodrama. [of NFTs]because the markets always reflect the fickle human mind. One day it’s up, one day it’s down, news and we’re in a bull market, the next day bad news and we’re in a bear market,” Chopra said.
“Ultimately, history has shown that economic development will happen because we are creative people, but we must hold on and support each other. Now is the time not for competition, but for cooperation,” he added.