It’s been a brutal stretch for the crypto market, and a hard time for cryptocurrency investors to keep their emotions in check.
The sector’s market cap collapse was led by terraUSD, one of the most popular U.S. dollar-pegged stablecoins, which imploded virtually overnight. But bitcoin and ethereum, too, saw massive price declines from their recent bull market highs.
A cultural icon known for being in touch with emotions — and for his recent foray into the NFT space — Deepak Chopra says investors can’t ignore the recent crypto market meltdown, but they should be able to see beyond 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.
Deepak Chopra, co-founder of the Chopra Center for Wellbeing and the founder of the Chopra Foundation.
Adam Jeffery | CNBC
It is unclear whether the recent rout marks the next “crypto winter” — a multiyear bear market that occurs on a cyclical basis for the crypto asset class — though dropping trading volumes on crypto exchanges is one sign that we may be headed in that direction. The last so-called crypto winter ran from 2018 into the fall of 2020 as the value of cryptocurrencies plunged and layoffs were rife.
There are more than 19,000 cryptocurrencies in existence and dozens of blockchain platforms, the underlying technology that cryptocurrencies are built upon. Not all will survive, and some crypto industry leaders expect a period of “creative destruction” wiping out many players.
Mark Cuban, who has become a big investor in blockchain-based…
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