- Marcus Lightspark CEO David Marcus believed that the crypto winter would not be over until 2024.
- Bitcoin [BTC] is trading above $16,500 at press time, avoiding greater volatility towards the end of 2022.
David Marcus, the founder and CEO of crypto firm Lightspark, disappointed bulls with his outlook for the coming years. He explained that Bitcoin [BTC] and other cryptocurrencies may not recover from the consequences of the actions of “unscrupulous players” until at least 2024. He shared his thoughts in a tweet on Dec. 30.
A few forecasts for 2023: “Speculators out, builders in”. Spoiler alert, we’re heading 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 almost two months since FTX collapsed, but the post-debacle repercussions have continued to unsettle sentiment and price action.
Marcus believed their specter would haunt the crypto industry well beyond 2023. While only mentioning FTX once, he did mention that “ruthless players” would delay the market underperformance even beyond next year.
Mark summarizes:
“We won’t exit this ‘crypto winter’ in 2023, and probably not in 2024 either.”
Crypto winter to boost the industry
Bitcoin’s four-year halving cycles, which have led to growth in certain years, may encounter difficulties. There was growing expectation that the year of the next halving, 2024, would be a period of bullish price action, with some predicting the uptrend would start a year earlier, in the second quarter of 2023.
Even if the recovery took longer than expected, Marcus believed that a new and stronger industry would emerge once it did. Marcus believed that the Bitcoin Lightning Network would show promise as the world’s most popular cryptocurrency.
Cathie Wood, CEO of ARK Invest, another prominent voice in the crypto industry, stated on Twitter:
“The bitcoin blockchain has not missed a beat during the crisis caused by opaque centralized actors. No wonder Sam Bankman Fried Bitcoin didn’t like it: It’s transparent and decentralized. He couldn’t control it.”
The Bitcoin blockchain has not missed a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried Bitcoin didn’t like it: 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 greater volatility towards the end of 2022.
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