Crypto’s next bull run will start in Asia, according to Cameron Winklevoss, American investor, and founder of Gemini crypto exchange.
His comments come amid enforcement actions and a crackdown by United States regulators, including the Securities and Exchange Commission (SEC).
“Atm my thesis is that the next bull race will start in the East,” said Winklevoss in a Twitter post on February 19.
“This will be a humiliating reminder that crypto is a global asset class and the West, indeed the US, will always have only two options: embrace it or leave it alone.”
“Can’t stop. Who knows,” he added.
According to Chainalysis, Central & South Asia and Oceania (CSAO) is the third largest cryptocurrency market in the index for 2022. Residents of the region received $932 billion worth of cryptocurrency from July 2021 to June 2022.
CSAO is also home to seven of the top twenty countries in the 2022 index: Vietnam (1), Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20 ). ).
Atm my thesis is that the next bullfight will start in the East. It will be a humbling reminder that crypto is a global asset class and the West, indeed the US, will always have only two options: embrace it or leave it alone. Unstoppable. Who knows.
— Cameron Winklevoss (@cameron) February 19, 2023
In a Twitter thread, Winklevoss said that governments that fail to provide clear rules and sincere guidance on crypto will be “left in the dust,” and will miss out on “the biggest period of growth since the dawn of the commercial Internet,” adding:
“And that means it will be lost to shape and become a fundamental part of the future financial infrastructure of the world (and beyond).”
Winklevoss is not the first, or the last, to suggest that the United States’ approach to crypto will derail the industry, or that Asia could usher in the next crypto growth cycle.
Coinbase CEO and co-founder Brian Armstrong said strict action from US regulators, including the SEC, could further push crypto businesses offshore.
Meanwhile, an independent market analyst on Twitter – known as GCR – has also predicted that “China, (and Asia in general) will fuel the next run,” on January 8 post to 147,300 followers.
“It will take some time to integrate Western cynicism into this space, but the East has risen and the desire to flex.”
I believe China, (and Asia in general) will fuel the next run
It took some time to assimilate the Western cynicism to this place, but the East rose and the desire to be flexible.
You should hang out on WeChat
Many future pumps will be in coins not one of the circles know– GCR (@GCRClassic) January 9, 2023
Arthur Hayes, the former CEO of the crypto derivatives giant BitMEX, made a prediction last October that the next bull run will begin when China returns to the market and went further to say that Hong Kong will play an important role in this process.
Hayes emphasized that Hong Kong could be a testing ground for Beijing to experiment with the crypto market and become the center of Chinese capital to find its way into the global crypto market.
At the time, he said “China has not abandoned crypto – it has been inactive.”
related: Hong Kong wants to become a crypto hub despite the industry crisis
Earlier this year, Hong Kong finance secretary Paul Chan made a speech on January 9 at the POW’ER Hong Kong Web3 Innovators Summit, where he announced that lawmakers passed legislation to set up a licensing system for virtual asset service providers in December.
China’s coin narrative has turned regulatory FUD on its head
The more actions the US takes against crypto, the more the narrative is reinforced and it makes more shorts to enter the market that have to buy back higher.
Bullish FUD
— Andrew Kang (@Rewkang) February 19, 2023
As a result of the changes in the rules, the “Chinese Coins Pump” narrative has gained traction as speculation grows about whether regulatory easements in Hong Kong will lead to a massive surge in Asian-focused exchange utility tokens.