The Gemini co-founder believes that the next cryptocurrency bull run will come from the East. “This will be a humiliating reminder that cryptocurrency is a global asset class,” he said. “The West, and in fact the US, has always had only two options: accept it or stay behind. It can’t be stopped.”
Gemini co-founder at Next Crypto Bull Run
Cameron Winklevoss, co-founder of U.S. cryptocurrency exchange Gemini, believes that the next cryptocurrency bull run will come from the East. On Sunday, he tweeted:
my working thesis [at the moment] is that the next bull run will start in the East. This will be a humble reminder that cryptocurrency is a global asset class.
“The West, and in fact the US, has always had only two options: accept it or stay behind. It’s unstoppable. We know this,” he said.
“Any government that does not offer clear rules and sincere leadership will be left in the dust. Fast. This will mean you are missing out on the biggest growth period since the advent of the commercial internet,” the Gemini co-founder continued. “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).”
The US Securities and Exchange Commission (SEC) has come under scrutiny following recent enforcement action against crypto firms. The regulator blamed the Kraken crypto exchange on Feb. 9 for its staking program, and Paxos a few days later for issuing the Binance USD (BUSD) stablecoin. The SEC also took action against Gemini in January for allegedly offering and selling unregistered securities to retail investors as part of its “Make Money” crypto asset lending program.
Many crypto advocates, including SEC Commissioner Hester Pierce and several lawmakers, have expressed concern that the SEC does not provide clear rules for crypto firms to follow. Instead, the Commission has opted for a law enforcement approach to regulating the crypto industry.
Meanwhile, more jurisdictions in Asian countries are making efforts to become a crypto hub, including Hong Kong, Singapore and South Korea’s second largest city, Busan. Several locations in Europe are also looking to establish themselves as a crypto hub. A recent study by cryptocurrency tax firm Recap ranked London as “the most cryptocurrency-ready city.”
The CEO of Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, said last week that the US risks losing its status as a financial center if there is no clear regulation of cryptocurrencies. He and the CEO of Kraken called on Congress to pass clear cryptocurrency laws as soon as possible.
Do you agree with the co-founder of Gemini that the next crypto bull run will start from the East? Let us know in the comments below.
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