Known for his connection with emotions, wellness guru Deepak Chopra advises long-term cooperation as the crypto industry goes through a bear market.
The collapse of the stablecoin TerraUSD proved emotionally difficult for many investors. Some had invested their life savings, while others’ dreams of purchasing a home went up in smoke. The broader cryptocurrency market slumped, with bitcoin down 50% from its November 2021 highs, leading to significant sell-offs as investors dumped riskier assets from their portfolios.
Amid the emotional turmoil, wellness guru Deepak Chopra, famous for his connection to emotions, said that he sees a camaraderie developing in the crypto community. “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 spiritual and emotional ecosystem where they can help each other, and that’s happening right now in the crypto community,” he told CNBC at Gary Vaynerchuk’s “VeeCon” in Minneapolis.
The notion of community was recently expressed on the TERRALUNA subreddit. A moderator posted, “For everyone panicking, here are some national helpline numbers.” Another user, whose friend invested life savings in Luna, posted, “If you feel pain and you think your life is miserable without money, you feel failure and stuff…just come to people you love.”
Adopt a long-term perspective, Chopra says
Chopra advocates adopting a long-term perspective in the crypto market. His nonprofit, the Chopra Foundation, launched a non-fungible token (NFT) collection in March that enables token holders to crowdfund mental and emotional health initiatives on a platform called EarthFund. “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…We want to create global communities of attention, affection, appreciation, and acceptance, where people are there to support each other and have each other’s backs,” Chopra noted. NFTs are digital certificates of authenticity of ownership that live on the blockchain.
Transient human sentiment influences markets
Chopra advises sobriety when dealing with NFTs to avoid getting carried away in a flurry of hype.
He opines that market behavior is closely related to the transience of human sentiment. “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 said.
Mental health experts have a growing concern regarding the excitement induced by the sharp volatility in prices unmatched by traditional stocks and bonds. One therapist in New York, Aaron Sternlicht, has noticed an influx of patients seeking help for crypto addiction. However, he admits that many may not get the help they need. “A lot of people will not end up getting treatment who need treatment,” he told the Washington Post in April.