Former Crypto Chief Metas: Market Likely Won’t Recover Until 2025

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On Friday (December 30, 2022), David Marcus, former head of Facebook Messenger and head of crypto (specifically, head of Novi digital wallet), shared his predictions for 2023.

Between May 2018 and December 2021, Marcus worked at Meta Platforms, Inc. (formerly known as Facebook, Inc.) on the Novi digital wallet project.

According to a report from CoinDesk published on July 1, 2022, on that day Meta announced on the Novi website that the Novi pilot is ending soon and that Novi will no longer be available after September 1. According to the report, from July 21, users will lose the ability to add money to their accounts and Novis WhatsApp account and the Novi app will also become unavailable.

The CoinDesk report went on to say:

Novi, originally known as Calibra, had been the Metas wallet for its stablecoin libra (later renamed diem) revealed in June 2019. Its role changed as regulatory pressures forced the stablecoin project to change of cap. Novi became a money transfer frontrunner for crypto remittances in 2020, but it never topped the United States and Guatemala.

On November 30, 2021, Marcus took to Twitter to announce that he was leaving Meta at the end of 2021:

The one thing I’m most proud of during my time here is the incredible kickass team we’ve put together over the past three years. They are the most resilient, passionate, determined and talented group of humans I have ever worked with. (3/7)

David Marcus (@davidmarcus) November 30, 2021

Then, on May 12, 2022, Marcus announced on Twitter that he had created a new company called Lightspark in order to explore, build and expand the capabilities and utility of Bitcoin, and that they were going to start by focus on the Lightning Network.

Well, yesterday (December 30, 2022), Marcus posted a blog post in which he said:

Interest rates will continue to rise in the first half of the year Inflation will recede, but the risks of a full recession will be very high We won’t come out of this crypto winter in 2023, and probably not in 2024 no more.

It will take a few years for the market to recover from the abuses of unscrupulous players and for responsible regulation to take hold. Consumer confidence is also going to take a few years to rebuild, but ultimately I think it will prove to be a beneficial reset for legitimate industry players in the long run.

In crypto, years of greed will give way to real-world applications. The years of creating a token from scratch and making millions are over. time payment protocol.

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