‘Crypto Winter’ Won’t End in 2023 Bitcoin Advocate David Marcus

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Bitcoin (BTC) and crypto will need at least 2024 to “recover from abuse by unscrupulous players,” says one of the best-known names in the industry.

In a blog post published on December 30, David Marcus, CEO and founder of Bitcoin company Lightspark, disappointed bulls with his outlook for the coming years.

Marcus: “Crypto winter” will probably last until 2025

Less than two months after the FTX collapse, the repercussions continue to disrupt sentiment and price performance.

For Marcus, famous for his crypto role at Meta and before that PayPal, bad actors have a lot to answer for, and their specter will remain with the crypto industry beyond 2023.

While only mentioning FTX once, he referred to what he called “unscrupulous players” dragging the market underperformance even beyond next year.

“We won’t come out of this ‘crypto winter’ in 2023, and probably not in 2024 either,” he summed up.

“It will take a few years for the market to recover from abuse by unscrupulous players and for responsible regulation to take hold. Consumer confidence will also take a few years to recover, but ultimately I think this will prove to be a beneficial reset for legitimate industry players in the long run.”

If the hodlers were to wait for their “silver linings,” it could further disrupt the historical patterns that Bitcoin in particular has stuck to throughout its existence.

Specifically, its four-year halving cycles, which tend to produce growth in some years, can present a challenge. 2024, the year of the next halving, is increasingly seen as a time for bullish price action, with some predicting the uptrend will start a year early in the second quarter of 2023.

Even if the recovery is taking longer than expected, however, Marcus believes a stronger new industry will be in place once that happens.

“In crypto, years of greed will make room for real-world applications,” he continued.

“The years of creating a token out of thin air and earning millions are over. The music has stopped. We’ve returned to our regular programming of creating real value and solving real-world problems. .”

He reserved particular attention to the Bitcoin Lightning Network, which he said will “begin to show promise as the open, interoperable, cheap, and most efficient real-time payment protocol in the world.”

Optimism fades in the annual close

As Cointelegraph reported, other big names have also spoken out in favor of the long-term outlook for crypto after FTX.

Related:Bitcoin Not Yet Undervalued, Research Says As BTC Price Approaches $16,000

Among the most vocal is investment giant ARK Invest, whose CEO Cathie Wood was outspoken in reacting to events nearly two months ago.

“The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it,” said a widely circulated tweet in mid-December.

In terms of price action, opinions continue to differ on how the first quarter of 2023 might unfold.

Some believe that the worst of Bitcoin’s last bear market is already over, while others continue to warn of a deeper decline in the price of BTC to $10,000 or lower.

BTC/USD was trading at around $16,500 on Dec. 31, according to data from Cointelegraph Markets Pro and TradingView, continuing to avoid major volatility with hours until the yearly close of the 2022 candle.

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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