‘Crypto winter’ won’t end in 2023 Bitcoin advocate David Marcus

Bitcoin (Bitcoin) and cryptocurrencies will be needed until at least 2024 to “recover from the exploits of malicious players,” says one of the industry’s most prominent names.

and blog post Bitcoin company Lightspark CEO and founder David Marcus has disappointed bulls with his outlook for the next few years, which was released on Dec. 30.

Marcus: ‘Crypto Winter’ likely to last until 2025

Less than two months after the FTX meltdown, its impact continues to destabilize sentiment and price performance.

For Marcus, who is best known for his crypto roles at Meta and before that PayPal, bad actors have a lot of responsibility and their specter will remain in the crypto industry well into 2023 and beyond.

He only mentioned FTX once, but what he called “unscrupulous players” has been dragging the market down over the next year and beyond.

We will not be out of this Crypto Winter in 2023 and probably not in 2024, he summed up.

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It will take years for the market to recover from the abuse of malicious players and for responsible regulation to come into being. I believe it will be a beneficial reset for legitimate industry players in the long run.

If Hodler has to wait for a “silver lining,” this could further disrupt historical patterns that Bitcoin, in particular, has adhered to throughout its existence.

Specifically, they tend to produce growth in four-year half-life cycles. specific year, issues may appear. The next halving, 2024, is increasingly expected to be a period of bullish price action, with some predicting the uptrend will begin in the second quarter of 2023, a year earlier. increase.

Even if the recovery takes longer than expected, Marcus believes this will create a strong new industry if it does.

With cryptocurrencies, years of greed will make room for real-world applications, he continued.

The days of creating tokens from scratch and making millions are over. The music has stopped. We have to create real value and solve real world problems. I went back to my normal program of not being able to do it.”

He paid special attention to the Bitcoin Lightning Network, saying that it “will begin to demonstrate its potential as the most effective open, interoperable and inexpensive real-time payment protocol in the world.”

Optimism fades on annual close

as Cointelegraph reportother big names have also come out in favor of crypto’s long-term prospects after FTX.

Related: Bitcoin is not yet undervalued

Between loudest Investment giant ARK Invest and its CEO, Cathie Wood, didn’t mince words in response to what happened nearly two months ago.

The Bitcoin blockchain didnt skip a beat during the crisis caused by an opaque centralized player. No wonder Sam Bankman-Fried didnt like Bitcoin. is transparent and decentralized. He had no control over it. Tweet Announced in mid-December.

On the other hand, regarding price action, continue to diverge About how the first quarter of 2023 will play out.

Some believe the worst of Bitcoin’s recent bear market is over. keep warning BTC price plummets below $10,000.

BTC/USD traded around $16,500 on December 31st. Cointelegraph Market Pro When TradingView Time to candlestick close in 2022 continues to avoid major volatility.

The views, thoughts and opinions expressed herein are those of the author only and do not necessarily reflect or represent the views or opinions of Cointelegraph.