Crypto has come to stay, and now it’s time to think long term – Reuters

It has been a brutal time for the cryptocurrency market and a difficult time for cryptocurrency investors to keep their emotions in check.

The industry’s market value crash was led by terraUSD, one of the most popular USD-linked stack coins, which virtually imploded overnight. But bitcoin and ethereum have also experienced massive price declines from their recent bull market highs.

A cultural icon known for being in touch with emotions – and for his recent entry into the NFT area – Deepak Chopra says investors can not ignore the recent meltdown of the crypto market, but they should be able to look beyond it.

“The crypto world is in crisis as it has lost billions of dollars. We are in a bear market,” Chopra recently told CNBC on Gary Vaynerchuk’s “VeeCon” in Minneapolis.

“Right now it’s time to think long term in these financial markets, including crypto. I think the emergence happens when you have maximum diversity of people who are creatively attached to it, complement each other and have a kind of spiritual and emotional ecosystem where they can help each other and that is what is happening in the crypto community right now, ”said Chopra.

Deepak Chopra, co-founder of the Chopra Center for Wellbeing and founder of the Chopra Foundation.

Adam Jeffery | CNBC

It is unclear whether the latest route marks the next “crypto-winter” – a perennial bear market emerging on a cyclical basis for the crypto-asset class – although declining trading volumes on crypto exchanges are a sign that we could go in that direction. The last so-called cryptocurrency winter ran from 2018 to the fall of 2020, when the value of cryptocurrencies plummeted and layoffs were common.

There are over 19,000 cryptocurrencies and dozens of blockchain platforms, the underlying technology on which cryptocurrencies are built. Not everyone will survive, and some crypto industry leaders expect a period of “creative destruction” that wipes out many players.

Mark Cuban, who has become a major investor in blockchain-based technologies, recently compared the cryptocurrency to “the break the Internet had” during the dot-com bubble. He tweeted that there were too many copycats. “Chains that copy what everyone else has will fail,” Cuban tweeted. “We do not need NFT or DeFi in every chain.”

Earlier this year, the Chopra Foundation teamed up 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 cash and decide as a community which mental wellness projects get the funding they need to make a difference,” according to a March release.

The Chopra Foundation also participated in the Hollywood actress Emilia Clarke’s SameYou NFT initiative, launched in November 2021, which aims to provide better treatment to people recovering from stroke and injury.

“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, U.S. prosecutors announced that they were pursuing an insider trading indictment involving these digital assets for the first time.

“I do not hope people get sucked into the melodrama [of NFTs], because markets always reflect the changeable human mind. One day it’s up, one day it’s down, news and we’re at a bull market, the next day there’s bad news, and we’re at a bear market, ”Chopra said.

“Ultimately, history has shown that economic development will happen because we are creative people, but we must hang on and support each other. Now is not the time for competition, but for cooperation, ”he added.

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