On December 30, 2022, David Marcus, who formerly oversaw the cryptocurrency units at Meta and PayPal, and founder of Lightspark, published a blog post in which he discussed his predictions for the cryptocurrency sector over the next two years.
Marcus predicts that we won’t emerge from this ‘crypto winter’ in 2023, and most likely not in 2024 either. He went on to say that it would take a few years for the market to recover from the abuse that was caused by unethical participants, and it will take much longer for proper regulation to be implemented.
Restoring the faith of customers is going to take some time as well, but the Bitcoin enthusiast thinks that in the long term, this will prove to be a helpful reset for those in the business who have been doing things the right way.
Marcus makes predictions for 2023
According to David Marcus, the years of greed in the cryptocurrency industry will leave a place for applications in the real world. The era in which one might conjure up a token out of thin air and make millions of dollars will pass.
The market will resume its typical routine, which consists of having to generate genuine value and finding solutions to genuine issues in the real world.
Marcus anticipates significant breakthroughs in the areas of payments, asset securitization, decentralized finance (DeFi), zero-knowledge applications such as proof of reserves and layer 1 scaling solutions, as well as a resurgence in the development of energy and interest surrounding the Bitcoin network.
The supporter of Bitcoin also thinks that the Lightning Network will start to show promise as the world’s most effective open, interoperable, inexpensive, and real-time payments mechanism.
We need clarity and new regulation for digital assets/crypto, guidelines for social media companies when it comes to content moderation, and guardrails for AI innovation.
Marcus claims that he has developed a growing level of skepticism over the capacity of the cryptocurrency sector to establish agreement on legislative or regulatory methods that achieve the appropriate level of balance in these areas.
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