By nearly any yardstick, 2022 was a disaster for cryptocurrencies. It's not only that the crypto market lost nearly $2 trillion in overall market capitalization or that Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are both down more than 65% for the year. There was also a complete loss of trust in the system itself.

Crypto lenders, stablecoins, and cryptocurrency exchanges imploded throughout the year. And many of the highest-profile names in the crypto industry turned out to be nothing more than fraudsters (or worse).

Looking ahead to 2023, however, I'm still bullish on the long-term prospects for crypto. Here's why.

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Source Fool.com