The long-awaited recovery of the cryptocurrency market may still be a few years away, according to David Marcus, the founder of Lightspark, a bitcoin payments company. Speaking to reporters, Marcus stated that the current bear cycle, characterized by declining prices and market uncertainty, is likely to continue until 2024.
This timeline is based on Marcus’s assessment of the damage caused by unscrupulous players in the industry, who have taken advantage of the lack of regulation in the crypto space to engage in nefarious activities such as market manipulation and fraud. In order to restore investor confidence and pave the way for a sustainable recovery, Marcus believes it will be necessary for regulatory bodies to step in and address these issues, a process that he estimates will take at least a couple of years to fully implement.
While the prospect of a prolonged bear cycle may be disheartening for those who have seen the value of their cryptocurrency holdings decline significantly in recent years, Marcus is quick to point out that the market has always been subject to cyclical fluctuations, and that the current downturn is just one phase in the long-term growth of the industry.
“We need to remember that the crypto market is still in its early stages, and it’s only natural to see these kinds of ups and downs,” he said. “What’s important is that we work to build a stronger, more resilient market that is less prone to these kinds of shocks.”
To this end, Marcus is calling on industry leaders to work together to develop best practices and self-regulatory measures that can help to improve the overall integrity of the market. He also urged investors to exercise caution and do their due diligence before putting their money into any cryptocurrency, saying that it is important to thoroughly research the risks and potential rewards of any investment before committing to it.
“The recovery of the crypto market is not going to happen overnight,” Marcus said. “But by taking a long-term perspective and working together to address the challenges facing the industry, I believe we can create a brighter future for everyone involved.”
Despite the bearish outlook, Marcus remains bullish on the future of cryptocurrency as a whole. He believes that the technology has the potential to revolutionize the way we think about money and financial transactions, and that it will eventually become a mainstream part of the global economy.
“Cryptocurrency is here to stay,” he said. “And as more and more people come to understand its benefits and see the positive impact it can have on their lives, I believe we will see more and more adoption in the years to come.”