Crypto’s next bull run will come from the east, says Gemini co-founder
- Cameron Winklevoss, the co-founder of Gemini, opined that the next crypto bull run will come from the East.
- His remarks came amid a ramp-up in enforcement action and impending crackdowns by the U.S. regulators.
Cameron Winklevoss, the co-founder of Gemini, recently opined that the next crypto bull run will come from the East. His remarks come amid a ramp-up in enforcement action and impending crackdowns by the U.S. regulators, including the Securities and Exchange Commission (SEC).
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“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,” tweeted Winklevoss.
According to the blockchain analysis firm Chainalysis, Central and Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market in its 2022 index. From July 2021- June 2022, residents in these areas received $932 billion in cryptocurrency value.
The region also had seven of the top twenty countries in the 2022 index, including Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).
Winklevoss added that governments that fail to provide clear rules and genuine guidance on cryptocurrency will be left behind, missing out on the greatest period of growth since the inception of the commercial internet.
Industry leaders see an Asian upsurge in crypto
Other industry leaders have suggested that the U.S. approach to crypto will drive the industry away, or that the next crypto growth cycle will be in Asia.
According to Coinbase CEO and co-founder Brian Armstrong, tough actions from the SEC and other U.S. regulatory bodies may drive more crypto businesses offshore.
Last month, GCR, an independent market analyst on Twitter, predicted that China, and Asia in general, would fuel the next run in the crypto market.
Arthur Hayes, the former CEO of crypto derivatives giant BitMEX, predicted in October 2022 that the next bull run will begin when China returns to the market, and Hong Kong will play an important role in this process.
According to Hayes, Hong Kong could become a testing ground for Beijing to experiment with crypto markets, as well as a hub for Chinese money to find its way into global crypto markets.