Tense and brutal times have passed for cryptocurrencies, and it has been a difficult time for cryptocurrency investors to keep their emotions in check. The collapse in the market cap of the industry was spearheaded by TerraUSD (UST), a stablecoin that exploded almost overnight. But Bitcoin and Ethereum have also seen massive price drops from the highs of the last bull market. Meanwhile, a famous name, Deepak Chopra, conveyed his expectations for the market.
Deepak Chopra shared his expectations for cryptocurrencies
Deepak Chopra, a cultural icon known for his recent entry into the NFT space, says investors cannot ignore the recent crash of the crypto market, but they should be able to see beyond that. “The crypto world has lost trillions of dollars in the crisis,” Chopra said. We are in a bear market,” he said, adding:
Right now is the time to think long-term in these financial markets, including crypto. I think formation occurs when there is the maximum variety of people out there who are creatively standing there, complementing each other’s strengths and having some kind of spiritual and emotional ecosystem where they can help each other and are currently in the crypto community.
, a cyclically multi-year bear market for the crypto asset class, it’s unclear whether the recent drop marks the next “crypto winter”, but trading volumes on crypto exchanges are in that direction. a sign that we can move forward. As we reported on cryptokoin.com, the last crypto winter lasted from 2018 to fall 2020, when cryptocurrencies fell in value and layoffs were common.
Not everyone should copy everything
There are more than 19,000 cryptocurrencies and dozens of Blockchain platforms, the underlying technology on which cryptocurrencies are built. Not all will survive, and some crypto industry leaders are anticipating 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 crypto crash to “the stagnation of the internet” during the “dotcom bubble”. Tweeting that there are too many copycats in the market, Cuban said, “Chains that copy things that already exist will fail. We don’t need NFTs or DeFi on every chain,” he said.
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. formed a partnership. According to a March announcement, token holders can earn rewards that allow them to “crowdfund a treasury and decide which mental well-being projects as a community will get the funding they need to make a difference.”
Chopra participated in the NFT initiative
The Chopra Foundation is also involved in Hollywood actress Emilia Clarke’s SameYou NFT initiative, launched in November 2021, which aims to provide better treatment for those recovering from cerebral palsy and injury injuries. On this subject, Chopra used the following statements:
We use artificial intelligence to talk to people who are feeling mentally challenged, and if they need advice, we have a token with EarthFund so that we can democratize prosperity all over the world. The future is this. We want to create global communities of care, love, appreciation and acceptance where people exist to support and support each other.
NFTs are a type of digital asset created to track ownership of a virtual item using Blockchain technology. “I hope people don’t get caught up in the melodrama of NFTs because markets always reflect the unstable human mind,” Chopra said. “One day it’s up, the next day it’s down, some news and we’re in a bull market, the next day there’s bad news and we’re in a bear market,” he said. “Ultimately, history has shown that economic development will happen because we are creative people, but we must stand there and support each other. Now is the time for cooperation, not competition,” he added.
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