A Bitcoin advocate and one of the industry’s best-known names believes that the crypto winter, which has affected the price of cryptocurrencies and led firms to the verge of bankruptcy, won’t end in 2023. On the 30th of December, in a blog post, David Marcus, the founder & CEO of Bitcoin firm Lightspark, indicated that Bitcoin, the largest cryptocurrency in the market, and crypto market will need until at least 2024 to heal from the abuse of unscrupulous players.
This blog post from David is a kind of his outlook for the coming years. In the 2022 crypto winter, the price of several cryptocurrencies hit new all-lows, and several crypto firms collapsed and filed for bankruptcy filings, such as FTX, which was once the biggest crypto exchange in the world and now is nothing.
David Marcus, who is well-known in the industry for his crypto role at Meta and PayPal, said that bad actors have a lot to answer for, and their specter will stay with the crypto industry further 2023. In the blog post, David mentioned FTX only once, calling it unscrupulous players that would drag out market underperformance even beyond next year.
In the blog post, David claimed that we wouldn’t exit this crypto winter in 2023 and probably not in 2024, either. He said that it would take a couple of years for the market to recover from the abuse of unscrupulous players and for responsible regulation to arrive through. Regarding customers’ trust, he indicated that it is also going to take a few years to rebuild.
However, he also claimed that in crypto, years of greed would make room for real-world applications. Regarding the Bitcoin Lightning Network, he said that it would start to show promise as the world’s most effective open, cheap, interoperable, and real-time payment protocol.
