David Marcus, founder of Bitcoin (BTC) payments firm Lightspark, disappointed crypto bulls hoping for a quick crypto market recovery, as he predicted that the bear cycle will likely last through 2024. In a blog post on Dec. 30, Marcus, who was the co-creator of Meta’s scrapped crypto project Diem, wrote:
“We won’t exit this “crypto winter” in 2023, and probably not in 2024 either.”
He added that the crypto market requires a “couple of years” to get over the “abuse of unscrupulous players” and for appropriate regulations to kick in. Additionally, Marcus said that investor trust, which was severely shaken by the series of rapid high-profile bankruptcies, will also need a few years to rebuild.
The crypto firms that collapsed in 2022 include hedge fund Three Arrows Capital (3AC), lenders Voyager Digital and Celsius Network, and the most recent, FTX, followed by lender BlockFi. The collapse of these firms impacted millions of users, who collectively lost at least $10 bil
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