David Marcus, known as the founder and CEO of Lightspark (a Bitcoin company), stated that crypto and Bitcoin will have to wait till 2024 to recover. The prominent industry player shared a blog post recently and disheartened the bull by providing a grim outlook for the next years.
It has been more than one and a half months since the collapse of Sam Bankman-Fried’s crypto empire but the consequences of that epic have not concluded up till now.
David Marcus Thinks Crypto Winter Would Not Settle in 2023
Marcus is well-known for the roles he played at Paypal and Meta. He considers that the malicious actors are answerable to several questions. As per him, the danger posed to the crypto market will not be alleviated in the upcoming year. He used the name FTX just a single time and referred to “unscrupulous Players” several times to be responsible to bring the industry to present underperformance.
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He mentioned that the crypto space won’t be able to get rid of the prolonged winter even in the next year. He added that the current scenario might get lengthened till 2024 without being resolved properly. In the words of Marcus, the crypto winter is going to take another couple of years before permitting the market to start a recovery process after being abused by unscrupulous players.
He is of the view that great harm has been posed to the customer trust during this phase. Consequently, rebuilding trust among the clients has also become a time-taking job. Nonetheless, the Bitcoin advocate made a positive comment that eventually an advantageous reset will take place. Marcus added that the legitimate players operating in the market would ultimately get the benefits over the long run.
He then discussed the primary crypto asset “Bitcoin” in specific and crypto in general saying that the long-term holders of the asset require waiting for a stable period.
As he put it, this could revolutionize the historical patterns to which the chief crypto token has stuck since it was established. Particularly, the 4-year halving cycles of Bitcoin – which likely offer growth in certain years, may witness a challenge.
According to him, the year next to 2023 is also known as the year to offer the next halving. The community thinks that in 2024 a bullish trend will be seen in the value of Bitcoin.
Some suggest that the uptrend will begin much earlier in the 2nd quarter of 2023. Even if the recovery procedure takes time longer than the expectation, Marcus is confident that an exclusively resilient industry will be seen in the future.
He asserted that the years of increased greed will make space for real-world applications. Marcus specified that the years when people made millions have come to an end.
At present, he believes, things have returned to their normal positions. In the current situation, he recommends creating real value as well as providing solutions for real-world issues. He considerably emphasized the Bitcoin Lightning Network.
Bitcoin Advocate Stays Bullish on Bitcoin Lightning Network
He said that it will achieve its commitment of turning into the most cost-effective, real-time, interoperable, open, and effective payment protocol. Almost a couple of months back, Cathie Wood (investment company ARK Invest’s CEO) clearly remarked on the incidents that occurred at that time.
She stated that the Bitcoin blockchain did not disappoint the investors like centralized players. She asserted that Bankman-Fried did not like Bitcoin as it is decentralized.