David Marcus, a Bitcoin enthusiast and an ex-Meta executive says crypto winter does not end in 2023. He said, “it’s gonna be another difficult year in the crypto market.” Then, he further said Bitcoin and cryptocurrency may need until 2024 before recovering from the recent fraudulent and unscrupulous behavior of certain players in the space.
The founder of Lightspark — David Marcus, claimed in a blog post on Friday his foresight of the crypto market for the next year, causing disappointment for the bulls.
Crypto Winter May Be Around Until 2025 – Marcus
It’s been over a month since the crash of FTX, but the consequences remain dire and continue to affect the price performance of crypto assets. According to Marcus, these bad actors should answer for their illegal activities, as their actions will continue to stay with the industry beyond 2023.
He says, “it’s unlikely that we’ll exit the crypto winter by 2023 and neither in 2024” Furthermore, he says, “It will take a long while for the market to recover from abuse of bad actors and the implementation of relevant regulations.
Also, it will take years to build back the trust users once had in the crypto market, which is one reason the crypto winter will prolong further. However, I believe this will be a profitable reset for the good actors in the industry”.
If it takes a long time before everything is restored, it could disrupt the price movements that BTC has established since its creation.
This is primarily about Bitcoin’s four-year halving pattern, which is often a chance for Bitcoin growth but is likely to experience challenges in 2024. Although many analysts predict the halving cycle in 2024 will be a bull market whose trend will have started by quarter two of 2023.
Even though it may take a longer time for the market to be restored, Marcus strongly believes it will help the market to be more robust. Marcus continues, “the time of greed in crypto will create space for developing more inventions.”
Then, he added, “the times of making a token out of nowhere and earning millions are now over. The rhythm has ended. It’s time to come back to the reality of first providing value and finding solutions to real problems.”
What The Industry Leaders are Saying
According to reports, several big names in the industry and leading analysts are confident that crypto will do well in the long term post-FTX. Cathie Wood — CEO of ARK Invest, has been one of the most vocal individuals to have spoken about the effect of the FTX collapse on the market.
She said, “Bitcoin didn’t miss the sound during the fatal crisis caused by non-transparent, centralized actors. Unsurprisingly, Sam Bankman-fried wasn’t a fan of Bitcoin due to its transparency and decentralization. Instead, it was because it was out of his control.”
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