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.
He believes that the market will eventually improve and that crypto will be around for the long-term.
During an interview, the rapper made some comments. interview with CNBCOn Tuesday, he spoke out about NFTs and their role in the music business. Also on the “Crypto World” show was Web3 entrepreneur Cordell Broadus, aka Champ Medici.
Every industry has experienced 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 that crypto will be even better after it was rocked by the collapses of large projects.
He views the problems faced by some companies and the price drop out as growth pains that are experienced in nearly every 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.