According to Cameron Winklevoss, an American investor and co-founder of the Gemini crypto exchange, the next cryptocurrency bull run will start in Asia.
His comments come amid increased enforcement and looming crackdowns from US regulators, including the Securities and Exchange Commission.
“My working thesis is that the next bull run will start in the East,” Winklevoss. said in a tweet dated February 19.
“This will be a humiliating reminder that cryptocurrency is a global asset class and that the West, and more specifically the US, has always had only two options: accept it or stay behind.”
“It’s impossible to stop. We know this,” he added.
According to to Chainalysis, Central and South Asia and Oceania (CSAO) was the third largest cryptocurrency market in its 2022 index. Citizens of these regions received $932 billion worth of cryptocurrencies from July 2021 to June 2022.
CSAO is 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 (20). ).
My working thesis is that the next bull run will start in the East. It will be a humiliating reminder that cryptocurrency is a global asset class and that the West, and more specifically the US, has always had only two options: embrace it or stay behind. It’s unstoppable. This we know.
— Cameron Winklevoss (@cameron) February 19, 2023
On his Twitter thread, Winklevoss said that governments that fail to offer clear rules and sincere guidance on crypto are “remaining in the dust” and will miss out on “the greatest growth period since the advent of the commercial Internet,” adding:
“And that will mean you miss the opportunity to shape and become a fundamental part of the future financial infrastructure of this world (and beyond).”
Winklevoss is not the first nor the last to suggest that the United States’ approach to crypto will alienate the industry, or that Asia could start the next crypto growth cycle.
Coinbase CEO and co-founder Brian Armstrong said that strict action by US regulators, including the SEC, could lead to further pushing crypto business abroad.
Meanwhile, an independent Twitter market analyst known as GCR also predicted that “China (and Asia in general) will drive the next run,” in a Jan. 8 message to its 147,300 followers.
“It will take some time to melt the West’s cynicism towards this space, but the East is rising and tending to bend.”
I believe that China (and Asia in general) will fuel the next race.
It will take a long time to melt the Western cynicism towards this space, but the East is rising and itching to bend.
You must hang out on WeChat
Many future pampas will be on coins that no one in your circle knows about.— GKL (@GCRClassic) January 9, 2023
Arthur Hayes, the former CEO of cryptocurrency derivatives giant BitMEX, predicted last October that the next bull run would begin when China returned to the market and went one step further by saying that Hong Kong was playing a vital role in the process.
Hayes argued that Hong Kong could become a testing ground for Beijing to experiment with crypto markets and act as a hub for Chinese capital to find its way into the global crypto markets.
At the time, he said, “China didn’t leave the cryptocurrency — it just lay dormant.”
Hong Kong wants to become a crypto hub despite the industry crisis
Earlier this year, Hong Kong Financial Secretary Paul Chan gave a speech at the POW’ER Hong Kong Web3 Innovators Summit on January 9, where he revealed that lawmakers passed legislation in December to create a licensing system for virtual asset service providers.
China’s Coin Narrative Turns Regulatory FUD On Its Head
The more action the US takes against cryptocurrencies, the more the narrative intensifies and encourages more shorts to enter the market that need to buy back at a higher price.
Bullish FUD
— Andrew Kang (@Rewkang) February 19, 2023
As a result of the legal changes, the “Chinese coin pump” narrative is gaining momentum as rumors grow about whether regulatory easements in Hong Kong will lead to a massive rise in Asian exchange utility tokens.
Credit : cointelegraph.com
