Deepak Chopra: Crypto is in crisis, but investors need to focus on the long-term

It has been a difficult time for investors in the cripto market.

terraUSD, one of the most popular U.S. dollar-pegged stable coins, collapsed in the middle of the night. The price declines from their recent highs were huge.

A cultural icon known for being in touch with emotions and his recent entry into the NFT space says investors should be able to see beyond the recent market downturn.

Trillions of dollars have been lost in thecryptocurrencies. We are in a bear market according to Chopra.

It's a good time to think about the long-term in these markets. I think emergence happens when you have maximum diversity of people hanging in there and you have a spiritual and emotional community where they can help each other.

Deepak Chopra, co-founder of the Chopra Center for Wellbeing and the founder of the Chopra Foundation.

It's not clear if the recent plunge marks the next "crypto winter", a multiyear bear market that occurs on a yearly basis for the asset class, or if it's just a sign that we're headed in that direction. In the fall of 2020, the value of cryptocurrencies plummeted and layoffs were common.

The underlying technology of cryptocurrencies is built upon and there are more than 20,000 of them. Many players are expected to be wiped out by a period of "creative destruction".

The internet went through a lull during the dotcom bubble according to Mark Cuban. There are a lot of imitators out there. Cuban said that the chains that copy what others have will fail. We don't need any of those things on every chain.

The collection of NFT token was launched by the foundation with the help of EarthFund. According to a March statement, token holders can earn rewards that allow them to Crowdfund a treasury and decide which mental well-being projects get the funding they need to make a difference.

The SameYou NFT initiative was launched in November of 2016 and aims to provide better treatment for those recovering from brain stroke and injury.

Artificial intelligence is being used to talk to people who are mentally challenged and if they need counseling, we have a token with EarthFund so that we can democratize well-being all over the world. It's the future. We would like to create global communities of attention, affection, appreciation and acceptance, where people are there to support each other and have each others backs.

NFTs are digital assets that are used to track ownership of virtual items. It was announced this week that the U.S. prosecutors would be pursuing an insider trading charge for the first time.

People should not get sucked into the melodrama of NFTs because the markets always reflect the human mind. One day we are in a bull market and the next we are in a bear market.

History shows that economic development will happen because we are creative humans, but we need to support each other. He said it was not a time for competition.