Gemini's co-founder, Tyler Winklevoss, predicts that the next surge in the cryptocurrency market could come from the East
He believes that the East has the potential to become a major player in the crypto space, as it has already demonstrated a strong appetite for digital assets
Winklevoss believes that the East's growing interest in digital assets could be the catalyst for the next crypto bull run
He also believes that the East's increasing acceptance of blockchain technology could be a major factor in driving the crypto market forward
Cameron Winklevoss, the co-founder of Gemini, believes that the next crypto bull run will originate from Asia, leaving the United States with two choices: embrace the crypto revolution or be left behind.
As the world continues to move towards a digital economy, the U.S. must recognize the potential of cryptocurrencies and the blockchain technology that underpins them, or risk being left behind in the global financial landscape.
Cameron Winklevoss, an American investor and co-founder of the crypto exchange Gemini, recently suggested that the next crypto bull run will start in Asia. This comes as the United States regulators, including the Securities and Exchange Commission, are increasing enforcement action and threatening a crackdown.
"My working thesis at the moment is that the next bull run is going to start in the East," Winklevoss said in a tweet on February 19th.
"It will be a sobering reminder that cryptocurrency is a global asset class and that the West, including the US, has always had just two options: accept it or be left behind.” It can’t be stopped. That we know.
Reports for 2022 revealed that Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market. During the period of July 2021 to June 2022, citizens from these areas received $932 billion in cryptocurrency value. CSAO was also home to seven of the top 20 countries in the index: Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).
It appears that the next crypto bull run is likely to start in Asia, and the US will have to decide whether to embrace it or be left behind. With the amount of cryptocurrency value received by citizens in CSAO, it is clear that the East is a major player in the crypto market.
In his Twitter thread, Winklevoss warned that governments who fail to provide clear regulations and genuine guidance on cryptocurrency will be "left behind," missing out on "the most significant period of growth since the emergence of the commercial Internet.
“He added that doing so would mean passing up the chance to influence and become a crucial component of the world's and beyond's financial infrastructure.”
Cameron and Tyler Winklevoss are not the first, nor will they be the last, to suggest that the United States' restrictive approach to cryptocurrency could drive away the industry, or that Asia could be the catalyst for the next crypto growth cycle.
Coinbase CEO and co-founder Brian Armstrong have warned that the stringent regulations imposed by U.S. regulators, such as the SEC, could further push crypto businesses to seek refuge in other countries.
An independent market analyst on Twitter, known as GCR, has also predicted that “China, (and Asia in general) will fuel the next run” in a Jan. 8 post to their 147,300 followers. GCR went on to say that
“It will take quite some time to melt Western cynicism towards this space, but the East is ascending and yearning to flex its muscles.” It appears that the East is indeed ready to take the lead in the cryptocurrency revolution.
In October of last year, Arthur Hayes, the former CEO of crypto derivatives giant BitMEX, made a bold prediction: the next bull run would start when China re-entered the market, and he went one step further to suggest that Hong Kong would play a vital role in this 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 flow into the global crypto markets. At the time, he stated, “China has not left crypto - it has just been dormant.”
This prediction was recently validated when Paul Chan, Hong Kong's Financial Secretary, made a speech at the POWER Hong Kong Web3 Innovators Summit on January 9th. During his address, he revealed that lawmakers had passed legislation in December to establish a licensing system for virtual asset service providers.
As a result of recent legislative changes, speculation is mounting over whether the regulatory relaxations in Hong Kong will lead to a dramatic surge in the utility tokens of Asian-focused exchanges, creating a "Chinese Coins Pump" narrative.
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