2022 has been a bloodbath for the cryptocurrency market, and a traumatizing experience for digital assets investors.
The sector’s total market value collapse followed terraUSD’s crash — one of the most popular U.S. dollar-pegged stablecoins — which lost its peg, resulting in massive losses overnight. But bitcoin and ethereum have also seen dramatic price plummets from their November all-time highs.
Still, Deepak Chopra says investors can’t ignore the recent crypto market meltdown, but they should be able to see through it.
“The crypto world is in crisis, having lost trillions of dollars. We’re in a bear market,” Chopra recently told CNBC at Gary Vaynerchuk’s “VeeCon” in Minneapolis.
“Right now is the time to think long-term in these financial markets, including crypto. I think emergence happens when you have maximum diversity of people hanging in there creatively, complimenting each other’s strengths and having some kind of a spiritual and emotional ecosystem where they can help each other and that’s happening right now in the crypto community,” Chopra said
There are more than 19,000 cryptocurrencies in existence. According to tech leaders, thousands will survive, and some crypto industry leaders expect a period of “creative destruction” wiping out many players.
Mark Cuban, a billionaire turned crypto investor, recently compared the crypto crash to “the lull that the internet went through” during the dotcom bubble. He tweeted that there are too many imitators out there. “The chains that copy what everyone else has, will fail,” Cuban tweeted. “We don’t need NFTs or DeFi on every chain.”
Earlier in 2022, 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. This allows them to “crowdfund a treasury and decide as a community which mental well-being projects get the funding they need to make a difference,” according to a March statement.
“We’re using artificial intelligence to talk to people who are feeling mentally challenged and if they need counseling, we have a token with EarthFund so that we can democratize well-being all over the world,” Chopra said. “This is the future. We want to create global communities of attention, affection, appreciation and acceptance, where people are there to support each other and have each others backs.”
“I hope people don’t get sucked into the melodrama [of NFTs], because the markets always reflect the fickle human mind. One day it’s up, one day it’s down, one bit of 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 human beings, but we have to hang in there and support each other. It’s not a time for competition right now, but cooperation,” he added.