Crypto is here to stay and now it’s time to think long term – Reuters

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

The sector’s market cap crash was led by terraUSD, one of the most popular USD-pegged stablecoins, which imploded virtually overnight. But bitcoin and ethereum have also seen massive price drops from their recent bull market peaks.

Deepak Chopra, a cultural icon known for his touch with emotions – and for his recent foray into the NFT space – says investors can’t ignore the recent crypto market collapse, but they should be able to look further afield.

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

“Right now it is time to think long term in these financial markets, including crypto. I think emergence happens when you have maximum diversity of people who hold onto it creatively, complement each other and have some kind of spiritual and emotional ecosystem where they can help each other and that’s what’s 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’s unclear whether the recent defeat marks the next “crypto winter” — a multi-year bear market that is happening on a cyclical basis for the crypto asset class — although declining trading volumes on crypto exchanges are a sign that we could be headed in that direction. † The last so-called crypto winter ran from 2018 until the fall of 2020 when the value of cryptocurrencies plummeted and layoffs were the order of the day.

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” to wipe out many players.

Mark Cuban, who has become a major investor in blockchain-based technologies, recently compared the crypto crash to “the silence the internet had” during the dotcom bubble. He tweeted that there were too many copycats. “Chains that copy what everyone else has will fail,” Cuban tweeted. “We don’t need NFT or DeFi in every chain. †

Earlier this year, Chopra’s foundation partnered with crypto crowdfunding platform EarthFund to launch a collection of NFT tokens intended to help people achieve mental and emotional health. Token holders can earn rewards that allow them to “fund cash and decide as a community which mental health projects get the funding they need to make a difference,” according to a release in March.

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 injury injuries.

“We use artificial intelligence to talk to people who are feeling mentally disabled and if they need guidance, we have a token with EarthFund so we can democratize wellbeing around the world,” Chopra said. “It is 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 the ownership of a virtual asset using blockchain technology. Earlier this week, US prosecutors announced they were pursuing an insider trading charge for the first time regarding these digital assets.

“I hope people don’t get sucked into the melodrama [of NFTs]because markets always reflect the fickle human mind. One day it’s up, the next day it’s down, news and we’re in a bull market, the next day there’s 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 have to hold on and support each other. This is not the time for competition, but for cooperation,” he added.

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