This is a brutal expansion for the crypto market, and a difficult time for cryptocurrency investors to control their emotions, but there is a need to focus on the “long-term”, Deepak Chopra, co-founder of the Chopra Center for Wellbeing and founder of the Chopra Foundation, told CNBC on Gary Vanerchuk’s Vicon.

“The crypto world is in crisis, losing trillions of dollars. We’re in the bear market,” Chopra was quoted saying.

Who is Deepak?

Deepak Chopra, a cultural figure recognized for his work in emotions and well-being, has been in news for his recent forays into the NFT field, said that he believes investors should be able to look beyond the current crypto market drop.

Terra USD, one of the most popular US dollar-pegged stable coins, triggered the market's most dramatic decline, almost overnight. Resultantly, Bitcoin and Ethereum have witnessed huge price drops from their recent bull market highs as well.

Chopra was quoted saying, Now is the time to think long term about this financial market, including crypto. I think the emergence will come when you have the most diversity of people hanging out creatively, appreciating each other’s strengths, and having a kind of spiritual and emotional ecosystem where they can help each other. This is happening in the crypto community right now.”

More about crypto:

There are approximately 19,000 cryptocurrencies and hundreds of blockchain networks, the underlying technology that produces cryptocurrencies, in the market. Experts predict that not all of those stand chance of survival in the current times and that creative destruction is expected to prune the grounds and sweep out many participants.

Earlier participations:

Earlier, the Chopra Foundation collaborated with the crypto crowdfunding site EarthFund to establish a collection of NFT tokens targeted at assisting individuals in achieving mental and emotional wellness. In a statement issued in March 2022, the foundation stated that the token holders may obtain incentives that allow them to "finance a treasury crowdfunding and determine as a community that any mental health initiatives receive the funds, they need to make an impact.

The Chopra Foundation is also a part of SameYou NFT charity, which was founded in November 2021 by Hollywood actress Emilia Clarke and promises to provide better therapy for patients recuperating from brain stroke and trauma.

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