David Marcus shared his opinion on the current market situation and noted that 2023 will be a tough year for the crypto industry because of the many bankruptcy & fraud events that happened in 2022.
As we know that it is the first day of 2023 and now we are expecting that the Crypto market will also show significant recovery & will bring better return for us. But opposite of these assumptions, experts believe that 2023 will not be a better year for the Crypto sector.
On 30 Dec 2022, David Marcus, chief executive officer & founder of Bitcoin firm Lightspark, published a new blog post on Medium. Through the new blog post, he disappointed all the people who were thinking that 2023 will bring a better pump in the price of crypto assets.
In the past, Marcus worked for Meta (Formerly Facebook) for the company’s Crypto related initiatives, and also before that he contributed to the global digital payment bank company PayPal.
Marcus noted two months old event, FTX Bankruptcy as a part of big fraud & unethical financial transactions by Sam Bankman-Fried (SBF), going to a very big negative factor for this crypto market because here downfall of this exchange is acting as a negative impact for other crypto companies as well as a downfall in the price of all crypto assets.
Lightspark’s founder claimed that 2023 will not be a better year for Crypto and also it will continue to continue up to 2025.
“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. Consumer trust is also going to take a few years to rebuild, but ultimately I believe this will prove to be a beneficial reset for legitimate industry players over the long run”
Further, Marcus said that creating new coins & making millions is now a very old thing and now it will not work. And in this situation, projects need to shift their focus on real-level development works, so that Crypto & blockchain focussed innovations can solve real-life issues.