The creator of Lightspark and former manager of the cryptocurrency departments at Meta and PayPal, David Marcus, wrote a blog post outlining his expectations for the cryptocurrency market over the next two years.
According to Marcus, it’s unlikely that we will leave this “crypto winter” in 2023 or 2024. He continued by saying that it would take some time for the market to recover from the abuse that unethical participants had caused and that it would take much longer for adequate regulation to be put in place.
It will take some time to win back clients’ trust, but the Bitcoin enthusiast believes that in the long run, this will serve as a useful reset for those in the industry who have been operating ethically.
Marcus makes predictions for 2023
David Marcus predicts that the years of greed in the crypto sector will make room for real-world applications. It will no longer be possible to create a token out of thin air and earn millions of dollars.
The market will return to its usual course, which requires it to create real value and address real problems in the real world.
Marcus predicts important developments in the fields of payments, asset securitization, decentralized finance (DeFi), layer 1 scaling solutions, and zero-knowledge applications like proof of reserves. He also expects a resurgence in the development of energy and interest surrounding the Bitcoin network.
The proponent of Bitcoin also believes that the Lightning Network will begin to demonstrate promise as the most efficient open, interoperable, reasonably priced, and real-time payment system in the world.
David Marcus asserts that we require clarification and new regulations for digital assets and cryptocurrencies, as well as rules for social media businesses to follow when it comes to content moderation and boundaries for the development of AI.
Marcus asserts that his level of pessimism about the cryptocurrency industry’s ability to reach agreements on legislative or regulatory measures that achieve the right degree of balance in these areas has increased.
He predicts that the business sector will experience more of the same in 2023, with business executives feeling increased pressure to uphold moral principles in the void left by our dysfunctional parliamentary system. He predicts that since our legislative system is currently gridlocked, this will be the case.
Then Marcus went on to forecast that 2023 would be a huge year for construction. In the year 2022, there was a significant loss of value, trust, and stability. However, with devastation comes the chance to rebuild using cutting-edge technology to address humanity’s most pressing problems.
Marcus emphasized that the cryptocurrency industry will emerge from this era stronger and improved, but getting there will require patience.
The specialist in the field is certain that the coming years will continue to be challenging. He believes that these will be incredibly wonderful and fulfilling years for those who find the strength to fight in the face of challenges.
