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Bitcoin (BTC) and cryptocurrencies will take until at least 2024 to “recover from the exploits of malicious players,” according to one of the industry’s most prominent names.
In a blog post released on December 30, Bitcoin company Lightspark CEO and founder David Marcus disappointed bulls about the outlook for the next few years.
Marcus: ‘Crypto Winter’ likely to last until 2025
Less than two months after the FTX meltdown, its impact continues to destabilize sentiment and price performance.
For Marcus, who is best known for his crypto roles at Meta and before that PayPal, the bad guys have a lot of responsibility and their specter will remain in the crypto industry well into 2023 and beyond.
He only mentioned FTX once, but what he called “unscrupulous players” has been dragging the market down over the next year and beyond.
“We will not be out of this ‘Crypto Winter’ in 2023 and probably not in 2024,” he summed up.
“It will take years for the market to recover from the abuse of malicious players and for responsible regulation to come into being. I believe it will be a beneficial reset for legitimate industry players in the long run.”
If Hodler has to wait for a “silver lining,” this could further disrupt the historical pattern that Bitcoin has adhered to throughout its existence, in particular.
Specifically, the four-year half-life cycle, which tends to result in growth in certain years, can be a challenge. The next halving, 2024, is increasingly expected to be a time of bullish price action, with some predicting the uptrend will begin in the second quarter of 2023, a year earlier. increase.
Even if the recovery takes longer than expected, Marcus believes this will create a strong new industry if it does.
“With cryptocurrencies, years of greed will make room for real-world applications,” he continued.
“The days of creating tokens from scratch and making millions are over. The music has stopped. We have to create real value and solve real world problems.” I went back to my normal program of not being able to.”
He paid particular attention to the Bitcoin Lightning Network, stating that it “will begin to demonstrate its potential as the world’s most effective open, interoperable, and inexpensive real-time payment protocol.”
Optimism fades on annual close
As reported by Cointelegraph, there are other big names who endorse the long-term prospects for crypto after FTX.
RELATED: Bitcoin Isn’t Undervalued Yet
The most vocal was investment giant ARK Invest, whose CEO Cathie Wood didn’t chop words in response to what happened nearly two months ago.
“The Bitcoin blockchain didn’t skip a beat during the crisis caused by an opaque centralized player. No wonder Sam Bankman-Fried didn’t like Bitcoin. is transparent and decentralized. He had no control over it.” Tweet Announced in mid-December.
Meanwhile, when it comes to price action, opinions remain divided on how the first quarter of 2023 will play out.
Some believe the worst of Bitcoin’s recent bear market is over, while others continue to warn that the price of Bitcoin will plunge below $10,000.
BTC/USD is trading around $16,500 on December 31, according to data from Cointelegraph Markets Pro and TradingView, continuing to avoid significant volatility with hours to go until the 2022 candlestick close.
The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.
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