Tense and brutal times have passed for cryptocurrencies, and it has been a tough time for crypto traders to contain their emotions. The collapse in the industry’s market cap was led by TerraUSD (UST), a stablecoin that exploded almost overnight. But Bitcoin and Ethereum have also seen massive falls from the highs of the last bull market. Meanwhile, a famous name, Deepak Chopra, conveyed his expectations for the market.
Deepak Chopra shared his outlook for cryptocurrencies
Cultural icon Deepak Chopra, known for his recent entry into the NFT space, said investors could see the recent collapse The crypto market isn’t ignoring it, but that He says they need to be able to see beyond. “The crypto world lost trillions of dollars in the crisis,” Chopra said. We are in a bear market,” he said, adding:
Right now, it’s time to think long-term in these financial markets, including crypto. I think education happens when there is the widest possible diversity of people out there that are creatively out there, complementing each other’s strengths and having some kind of spiritual and emotional ecosystem where they can help each other and currently in the crypto -Community are.
, a cyclical multi-year bear market for the crypto asset class, it is unclear if 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 Kriptokoin.com , the last crypto winter of 2018 lasted until the fall of 2020, when cryptocurrencies fell in value and layoffs were the order of the day.
Not everyone should copy everything
There are more than 19,000 cryptocurrencies and dozens of blockchain platforms, the underlying technology on which cryptocurrencies are based. Not all will survive, and some crypto industry leaders anticipate a period of “creative destruction” that will wipe 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 “dot-com bubble.” Cuban tweeted that there were too many copycats out there, saying, “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 that aim to help people achieve mental and emotional health. formed a partnership. According to a March announcement, token holders can earn rewards that allow them to “fund a treasury and choose which mental wellbeing projects as a community receive the funding they need to make a difference.”
Chopra had participated in the NFT initiative
The Chopra Foundation was established in November 2021 by Hollywood actress Emilia Clarke, which aims to provide better treatment for to provide those recovering from cerebral palsy and traumatic injuries He also participated in the NFT initiative. On the subject, Chopra used the following statements:
We use artificial intelligence to talk to people who feel they have intellectual disabilities, and if they need advice, we have a token with EarthFund so we can bring prosperity everywhere can democratize world. The future is this. We aim to create global communities of caring, love, appreciation and acceptance where people exist to support and support one another.
NFTs are a type of digital assets 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 it’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 have to stand there and support each other. Now is the time for collaboration, not competition,” he added.