- Marcus Lightspark CEO David Marcus believed that the crypto winter would not be over before 2024.
- Bitcoin [BTC] is trading at more than $16,500 at press time, avoiding major volatility as 2022 drew to a close.
David Marcus, the founder and CEO of crypto firm Lightspark, disappointed bulls with his outlook for the coming years. He stated that Bitcoin [BTC] and other cryptocurrencies would not be able to recover from the consequences of the actions of “unscrupulous players” until at least 2024. He shared his thoughts in a tweet on 30 December.
A few predictions for 2023: “Out with speculators, in with builders”. Spoiler alert, we’re going into another tough year, but there will be silver linings along the way https://t.co/6Vg0RwIfEh
— David Marcus ⚡ (@davidmarcus) December 30, 2022
It has been nearly two months since FTX collapsed, but the ramifications following the debacle continued to unsettle sentiment and price performance.
Marcus believed their specter would haunt the crypto industry well beyond 2023. While only mentioning FTX once, he mentioned “unscrupulous players” would drag out market underperformance even beyond next year.
“We won’t exit this ‘crypto winter’ in 2023, and probably not in 2024 either.”
Crypto winter to make the industry stronger
Bitcoin’s four-year halving cycles, which produced growth in specific years, may face difficulties. The year of the next halving, 2024, was increasingly expected to be a period of bullish price action, with some predicting that the uptrend would begin a year earlier, in the second quarter of 2023.
Even if the recovery took longer than expected, Marcus believed that once it occurred, a new and stronger industry would emerge. Marcus believed that the Bitcoin Lightning Network would show promise as the world’s most popular cryptocurrency.
ARK Invest CEO Cathie Wood, another prominent voice from the crypto industry, took to Twitter to state:
“The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.”
The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it. https://t.co/pV8UPT7cnm
— Cathie Wood (@CathieDWood) December 11, 2022
Bitcoin (BTC) was trading at $16,500 at the time of writing, avoiding major volatility as 2022 drew to a close.