Bitcoin Would Not Able To Recover, Says Lightspark CEO

Key Points:

• David Marcus, CEO of Marcus Lightspark, anticipated that the crypto winter will last until 2024.
• If the recovery took longer than anticipated, a new and more robust industry would eventually appear.

Lightspark’s creator and CEO, David Marcus, disappointed bulls with his vision for the future years of Bitcoin and other cryptocurrencies. Although FTX’s fall occurred about two months ago, its effects on mood and price performance are still being felt today.

He said that until at least 2024, Bitcoin [BTC] and other cryptocurrencies would not be able to recover from the effects of “unscrupulous players'” conduct. On December 30, he posted a tweet with his ideas.

Marcus anticipated their spectre would continue to stalk the cryptocurrency sector until 2023. Only once did he name FTX, but even after that, he warned that “unscrupulous players” would continue to cause market underperformance well into the following year.

We won’t exit this ‘crypto winter’ in 2023, and probably not in 2024 either.

Marcus stated

The four-year halving cycles for Bitcoin, which led to growth in certain years, might run into problems. Many predicted that the rise would start a year early, in the second quarter of 2023, and that it would last until the year of the subsequent halving, 2024.

Besides, he believed that even if the recovery took longer than anticipated, a new and more robust industry would eventually appear. Marcus anticipated that Bitcoin Lightning Network will succeed in becoming the most widely used cryptocurrency in the world.

Another well-known figure in the cryptocurrency sector, Cathie Wood, CEO of ARK Invest, stated on Twitter:

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.

As 2022 came to an end, Bitcoin (BTC) was trading at around $16,527 at the time of writing, which was down 0,07% in the past 24 hours avoiding significant volatility.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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