Paypal’s Previous President Believes The Decline Will Continue Until 2024
- Marcus is of the opinion that the hesitation of regulators will continue up until the year 2023, and that the adoption of unambiguous cryptography standards would take “several years.”
- Marcus expects to see major advances made in a variety of domains, including Payment, DeFi, Zero-knowledge applications, including proof of reserve and Layer 1 scaling solutions, etc., among other things.
David Marcus, a former president at Paypal, has claimed in a post on his own blog that the current downward trend in the cryptocurrency market is likely to continue until the year 2024.
Marcus is of the opinion that the reluctance of regulators will last through the year 2023, and that the development of clear crypto rules would take “many years.”
David Marcus is the creator of the Bitcoin payments business Lightspark. Prior to that, he served as the president of PayPal and as the vice president of Messenger Products at Meta. Marcus was also a co-founder of Meta’s Diem project, which was once known as Facebook but was ultimately scrapped.
The former Paypal’s President is of the opinion that the cryptocurrency market will require “several years” before it can recover from “a bad year 2022 from the unscrupulous people that wrecked the market and for the appropriate regulations to come into play in the years to come.”
It began with the downfall of the LUNA-UST empire, and was then followed by the collapse of the investment fund Three Arrows Capital (3AC), the lending company Voyager Digital and Celsius Network, and most recently, the shocking downfall of FTX. Because the failure of these institutions has an effect on millions of customers, it can take several years for the market to rebuild the faith of its customers.
In the end, Marcus anticipates significant breakthroughs in a variety of fields, including Payment, DeFi, Zero-knowledge applications, including proof of reserve and Layer 1 scaling solutions, etc., among other things.
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