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Crypto winter to exceed 2023? This CEO predicts another “tough year”

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FTX collapse impacts CoinShares revenue, as price plummets to...

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  • 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.

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.

Marcus summarized:

“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.”

Bitcoin (BTC) was trading at $16,500 at the time of writing, avoiding major volatility as 2022 drew to a close.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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