HomeCrypto“Crypto winter” won’t end in 2023 — Bitcoin advocate David Marcus
“Crypto winter” won’t end in 2023 — Bitcoin advocate David Marcus
December 31, 2022
Bitcoin (BTC) and cryptocurrencies will need until at least 2024 to “recover from the abuse of unscrupulous gamblers,” says one of the best-known names in the industry.
In a blog post published on Dec. 30, David Marcus, CEO and founder of the Bitcoin company Lightspark, disappointed bulls with his outlook for the next few years.
Marcus: “Crypto winter” will probably last until 2025
Less than two months after the FTX meltdown, the repercussions continue to roil both sentiment and price action.
For Marcus, famous for his role in the cryptocurrency industry at Meta and PayPal before that, the bad guys have a lot to answer for and their specter will remain in the cryptocurrency industry beyond 2023.
While mentioning FTX just once, he referred to what he called “unscrupulous players” who carry the market’s underperformance well past next year.
“We will not emerge from this ‘crypto winter’ in 2023, and probably not even in 2024,” he summarized.
“It will take a couple of years for the market to recover from the abuse of unscrupulous gamblers and for responsible regulation to be in place. Consumer confidence will also take a few years to rebuild, but ultimately I believe this will prove to be a recovery beneficial to legitimate industry players in the long run”.
If hodlers were to wait for their “upsides,” this 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 specific years, could present a challenge. 2024, the year of the next halving, is increasingly viewed as a period of upward price movement, with some expecting the uptrend to start a year earlier, in the second quarter of 2023.
While the recovery will take longer than anticipated, however, Marcus believes that once that happens, a new and stronger industry will be in place.
“In cryptocurrencies, years of greed will give way to real-world applications,” he continued.
“The years of creating a token out of thin air and making millions are over. The music stopped. We’re back to our normal programming of having to create real value and solve real world problems.”
He paid special attention to the Bitcoin Lightning Network, which he said will “start to show promise as the world’s most effective open, interoperable, cost-effective, real-time payment protocol.”
Optimism tapers off until the year close
As Cointelegraph reported, other big names have also spoken out in support of the long-term outlook for cryptocurrencies post-FTX.
Related: Bitcoin “Not Undervalued Yet,” Research Says As BTC Price Approaches $16K
Among the most vocal was investment giant ARK Invest, whose CEO, Cathie Wood, didn’t mince words when reacting to events nearly two months ago.
“Bitcoin blockchain didn’t miss a beat during the crisis caused by opaque centralized actors. No wonder Sam Bankman Fried didn’t like Bitcoin – it’s transparent and decentralized. He couldn’t control it,” said a widely reported tweets declared in mid-December.
In terms of price action, meanwhile, opinions continue to differ on how the first quarter of 2023 could play out.
Some believe the worst of the latest Bitcoin bear market is already over, while others continue to warn of a deeper decline in BTC price to $10,000 or lower.
BTC/USD traded at around $16,500 on Dec. 31, data from Cointelegraph Markets Pro and TradingView showed, continuing to avoid major volatility with hours to go until the 2022 annual candle closes.
The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views and opinions of Cointelegraph.