bitcoin (BTC) and crypto will need at least 2024 to “recover from abuse by unscrupulous gamers,” says one of the best-known names in the industry.
In a blog post released the dec. On December 30, David Marcus, CEO and founder of Bitcoin company Lightspark, disappointed the 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 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.
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 specific years, can see 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 earlier – 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 from scratch and making millions are over. The music stopped. We returned to our usual 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 also came out in support for the long-term outlook of crypto post FTX.
Related: Bitcoin ‘not yet undervalued’, study finds as BTC price nears $16,000
Among the loudest was investment giant ARK Invest, whose CEO Cathie Wood didn’t mince words when reacting to events nearly two months ago.
“The Bitcoin blockchain has not moved during the crisis caused by opaque centralized actors. No wonder Sam Bankman Fried doesn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it,” a widely circulated tweet declared in mid-December.
In terms of price action, meanwhile, 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 December 21. 31, data from Cointelegraph Markets Pro and TradingView showed, continuing to avoid major volatility with hours until the yearly close of the 2022 candle.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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