Rapper Snoop Dogg, one of the biggest celebrity personalities with a bullish outlook on the crypto and Web3 space, says the current “crypto winter” has been tough on investors as well as projects and companies.
But he believes the tough market conditions will pass and that crypto is here to stay.
The rapper made his comments during an interview with CNBC on Tuesday, where he discussed NFTs and their place in the music industry. Also on the “Crypto World” show was Web3 entrepreneur Cordell Broadus, aka Champ Medici.
Every industry has seen a depression
Asked to comment about his outlook for the crypto sector amid the impact of the bear market, Snoop Dogg said it would “last forever.”
According to him, whatever is setting crypto back today is not exclusive to it as there has been a “downfall” in other sectors too. He believes crypto, which has been rocked by the collapse of some major projects amid contagion, will emerge even better.
He sees the problems facing some companies and the price wipe out as growing pains experienced in almost every other industry.
“I feel like every great industry has a downfall,” he said. “There’s been a depression in every industry you can look at – alcohol, tobacco, clothing, food – every industry you can imagine,” he added.
He also notes that the crypto winter offers the market the break it needs to separate strong projects from poor ones that have “abused” the opportunities they had.
In his view, this weeding out of “all the people who weren’t supposed to be in the space,” can only mean the future will be bright.
“Now it’s going to bring on great business, and moving forward, when the market comes back, there will only be great things to pick and choose from,” he said.
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