Gemini co-founder Cameron Winklevoss believes the next crypto bull run will come from Asia, while America has two options — embrace crypto or be left behind.
Crypto’s next bull run will start in Asia, according to Cameron Winklevoss, an American investor and co-founder of crypto exchange Gemini.
His comments have come amid an increase in enforcement action and looming crackdowns from United States regulators, including the Securities and Exchange Commission.
“My working thesis atm is that the next bull run is going to start in the East,” Winklevoss said in a tweet on Feb. 19.“It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or be left behind.”“It can’t be stopped. That we know,” he added.
Central & Southern Asia and Oceania (CSAO) was Chainalysis’ third-largest cryptocurrency market in 2022. From July 2021 to June 2022, residents got $932 billion in cryptocurrencies.
Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (17) were also in CSAO’s top 20 in 2022. (20).
Winklevoss wrote on Twitter that governments that fail to provide clear rules and honest direction on crypto will be “left in the dust” and miss out on “the greatest period of growth since the birth of the commercial Internet.”
“And it will mean missing out on defining and being a foundational element of the future financial architecture of this earth (and beyond).”Winklevoss is not the first to say that the US approach to crypto will drive away the business or that Asia might start the next crypto development cycle.
Due to the changes in legislation, a “China Coins Pump” narrative has been gaining currency as speculation rises over whether Hong Kong’s regulatory exemptions will cause utility tokens of Asian-focused exchanges to surge.