American rapper and NFT enthusiast Snoop Dogg believes that every great industry goes through a downfall and cryptocurrency will surely bounce back.
What Happened: In an interview with CNBC on Tuesday, the rapper said that the selloff would not last forever.
“I feel like every great industry has a downfall, there's always a depression in every industry you could look at. Alcohol, tobacco, clothing, food,” he said of the recent cryptocurrency crash.
“I just feel like this weeded out all of the people that wasn’t [sic] supposed to be in that space and all the people who were abusing the opportunities that were there.”
In his view, once the market gets back on track, there will only be great things to pick and choose from in terms of investments.
Snoop Dogg and fellow rapper Eminem recently released a music video where they "turn into" Bored Ape Yacht Club (BAYC) NFT characters.
The "Drop It Like It's Hot" rapper also has a large collection of high-value NFTs and is opening a restaurant inspired by BAYC in Los Angeles.
Snoop Dogg also believes that sooner or later, music labels will come to understand that their catalogs and other possessions are better served on the blockchain.
See Also: HOW TO BUY NON-FUNGIBLE TOKENS (NFTS)
What Else: When asked for his views on Elon Musk’s bid to takeover Twitter Inc (NYSE: TWTR), Snoop Dogg said he would be open to collaborating with the Tesla Inc (NASDAQ: TSLA) CEO.
The rapper said he would “change a whole lot” about the platform which he did not want to reveal in public.
“I’m really one of those unexpected spontaneous types of guys that’s for the people…so it’s not about me, it’s about what’s better for us.”
Price Action: According to data from Benzinga Pro, Bitcoin (CRYPTO: BTC) was marginally lower over the last 24 hours at $20,260.
Photo via Tinseltown on Shutterstock
