Crypto bulls hoping for a quick cryptocurrency market recovery were let down when David Marcus, the founder of Bitcoin (BTC) payments company Lightspark, said that the bear cycle will probably last until 2024, Cryptoslate informed.
Marcus, who was a co-creator of Meta’s abandoned cryptocurrency project Diem, wrote the following on his blog on December 30, “We won’t exit this “crypto winter” in 2023, and probably not in 2024 either.”
According to Marcus, it will take “a couple of years” for the cryptocurrency market to recover from the “abuse of unscrupulous players” and for the necessary regulations to take effect. Marcus added that it will take some time to restore investor confidence, which has been severely damaged by the spate of recent high-profile bankruptcies, as reported by Cryptoslate.
As per Cryptoslate, Hedge fund Three Arrows Capital (3AC), lenders Voyager Digital and Celsius Network, and the most recent, FTX, followed by lender BlockFi, were among the cryptocurrency companies that failed in 2022. Millions of users were affected by the fall of these companies, who lost at least $10 billion in total.
(With insights from Cryptoslate)