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Crypto’s next bull run will come from the East: Gemini co-founder

February 20, 2023No Comments

The next cryptocurrency bull run will start in Asia, according to Cameron Winklevoss, an American investor and co-founder of the Gemini cryptocurrency exchange.

His comments have come amid an increase in enforcement actions and impending crackdowns by US regulators, including the Securities and Exchange Commission.

“My working thesis is that the next bullfight will start in the east,” Winklevoss. saying in a tweet on February 19.

"It will be a humbling reminder that cryptocurrencies are a global asset class and that the West, really the US, always only had two choices: accept it or be left behind."

“It can't be stopped. We know that,” she added.

According a Chainalysis, Central and South Asia and Oceania (CSAO) was the third largest cryptocurrency market in its 2022 index. Citizens of these areas received $932 billion worth of cryptocurrency from July 2021 to June 2022.

CSAO was also home to seven of the top 20 countries in the 2022 index: Vietnam (1), Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia ( twenty). ).

In his Twitter thread, Winklevoss said that governments that do not offer clear rules and candid guidance on cryptocurrencies will "be left behind" and miss "the greatest period of growth since the rise of the commercial Internet," adding:

"And it will mean missing out on the opportunity to shape and be a critical part of the future financial infrastructure of this world (and beyond)."

Winklevoss is neither the first nor the last to suggest that the US approach to cryptocurrencies will scare away the industry, or that Asia could kick off the next growth cycle for cryptocurrencies.

Coinbase CEO and co-founder Brian Armstrong said strict actions of US regulators, including the SEC, could boosting crypto businesses abroad.

Meanwhile, an independent market analyst on Twitter, known as GCR, also prophesied that "China (and Asia in general) will drive the next race," in a Jan. 8 post to his 147,300 followers.

"It will take quite a while to melt Western cynicism towards this space, but the East is rising and itching to flex."

Arthur Hayes, former CEO of crypto derivatives giant BitMEX, made a prediction last October that the next bull run will begin when China returns to the market and went a step further to say that Hong Kong has a vital role to play in this process.

Hayes argued that Hong Kong could become the testing ground for Beijing to experiment with crypto markets and act as a hub for Chinese capital to find its way into global crypto markets.

At the time, he said that "China hasn't quit cryptocurrencies, it's just been dormant."

Related: Hong Kong Wants To Become Crypto Hub Despite Industry Crisis

Earlier this year, Hong Kong Financial Secretary Paul Chan delivered a speech on January 9 at the POW'ER Hong Kong Web3 Innovators Summit, where he revealed to lawmakers passed a law to establish a licensing system for virtual asset service providers in December.

As a result of the changes in legislation, a “Chinese Coin Bomb” narrative has been gaining steam as speculation grows as to whether regulatory easements in Hong Kong will lead to a massive increase in utility tokens from exchanges focused on Asia.