Friday, 19 April 2024

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Crypto’s next bull run will come from the East: Gemini co-founder

Crypto’s next bull run will come from the East: Gemini co-founder

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 (SEC).

“My working thesis atm is that the next bull run is going to start in the East,” said Winklevoss in a Twitter post 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.

According to Chainalysis, Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market in its index for 2022. Citizens from these areas received $932 billion in cryptocurrency value from July 2021 to June 2022.

CSAO was also home to seven of the top twenty countries in 2022’s index: Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).

In his Twitter thread, Winklevoss saidthat governments who fail to offer clear rules and sincere guidance on crypto will be “left in the dust,” and miss out on “the greatest period of growth since the rise of the commercial Internet,” adding:

“And it will mean missing out on shaping and being a foundational part of the future financial infrastructure of this world (and beyond).”

Winklevoss is neither the first, nor last, to suggest that the United States’ approach to crypto will drive away the industry, or that Asia could kick off the next crypto growth cycle.

Coinbase CEO and co-founder Brian Armstrong said the stringent actions from U.S. regulators, including the SEC, could further drive crypto businesses offshore.

Meanwhile, an independent market analyst on Twitter — known as GCR — has also prophesied that “China, (and Asia in general) will fuel the next run,” in a Jan. 8 post to their 147,300 followers.

“It will take quite some time to melt Western cynicism towards this space, but the East is ascending and yearning to flex.”

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