Crypto investors were dealt a heavy blow after the terraUSD, an extremely popular dollar-pegged stablecoin experienced an implosion overnight. The crash led many major coins to decline in value and there is still uncertainty surrounding this event as it’s not yet clear what caused such turmoil within the market.
Deepak Chopra is an emotional icon for his incredible control, who recently delved into the NFT world. Seeing how others were affected by recent crypto collapse, he urged investors not to ignore these events but also look beyond them with optimism that things will work out eventually in our favor as they always have before.
“The crypto world is in crisis, having lost trillions of dollars. We’re in a bear market,” said Chopra. “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.”
The crypto industry is in a state of constant change and innovation. However, there are many coins that won’t make it through this creative destruction process.
Mark Cuban, one of the most vocal investors in blockchain-based technologies and cryptocurrencies has compared this latest crash to when the Internet went through a lull. He believes there are too many imitators on the market today. “The chains that copy what everyone else has will fail,” tweeted Cuban. “We don’t need NFTs or DeFi on every chain.”
In an effort to help people achieve mental and emotional well-being, Deepak Chopra’s foundation partnered with EarthFund this year. They launched a collection of NFTs that allowed holders the opportunity to crowdfund a treasure as well choose which projects will make a difference in the lives of others.
“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,” said Chopra. “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,” he added. “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.”