Former Paypal CEO David Marcus asserted in a blog post on his own site that the present downward trend in the bitcoin market is probably going to last until 2024.
According to Marcus, the authorities' hesitation will continue through 2023, and it would take "several years" to implement clear crypto standards.
The company Lightspark, which accepts Bitcoin payments, was founded by David Marcus. Prior to that, he held the positions of vice president of Messenger Products at Meta and president of PayPal. Marcus was also a founding member of Meta's Diem project, which had a brief run as Facebook before being abandoned.
After "a disastrous year 2022 from the dishonest people that devastated the market and for the necessary rules to come into action in the years to come," according to the former president of Paypal, the cryptocurrency industry will need "many years" to recover.
It started with the fall of the LUNA-UST hegemony, then came the demise of the investment firm Three Arrows Capital (3AC), the loan business Voyager Digital, and Celsius Network, and most recently, the shocking demise of FTX. It may take several years for the market to regain the trust of its clients because the failure of these institutions has an impact on millions of customers.
Marcus concludes by predicting substantial advancements in a number of industries, including Payment, DeFi, Zero-knowledge applications, proof of reserve, Layer 1 scaling solutions, etc.
