Will The Crypto Markets Recover In 2023? Here’s What David Marcus Predicts
A former executive at Meta and PayPal, and current CEO and creator of Bitcoin company Lightspark, David Marcus, has made some forecasts regarding the cryptocurrency market.
The Bitcoin enthusiast wrote in his blog on December 30 that the market won’t be able to recover from the mistreatment of unethical entities like FTX and Terra until at least 2024.
In his words:
“We won’t exit this ‘crypto winter’ in 2023, and probably not in 2024 either. It’ll take a couple of years for the market to recover from the abuse of unscrupulous players, and for responsible regulation to come through.”
In 2023, Marcus asserts, the development will boom. A lot of trust and stability was lost in 2022, but with devastation comes the chance to start again, and he believes that we will use technological breakthroughs to address humanity’s most pressing issues as we go forward.
The former Meta executive predicts that interest rates will rise during the first part of the year and that homeowners will have to adjust to mortgage rates not seen in two decades.
In addition, he said that the Lightning Network will begin to show promise as the most efficient open, interoperable, inexpensive, and real-time payments protocol next year.
After years of avarice in the crypto industry, we may finally see some useful uses emerge. Manufacturing a ton of money by making a token out of nothing is a thing of the past.
According to Marcus, the industry is back to its usual schedule of having to generate real value and solve real-world issues. He predicts significant progress in areas like payments, asset securitization, DeFi, zero-knowledge applications like proof of reserves and layer 1 scaling solutions, and a resurgence of development zeal and enthusiasm on the Bitcoin network.
Marcus is not the only industry expert who believes that the crypto winter will not end any time in the near future. There are a number of analysts who share this view, so it’s probably better to go into the new year without high expectations for the market, continue hoping for the best and never stop researching and keeping up with the latest news of the industry.