Gemini Co-Founder Cameron Winklevoss Thinks The Next Crypto Bull Run Will Come From Asia While America Has Two Choices - Embrace Crypto or Get Left Behind. Cameron Winklevoss, an American investor and co-founder of cryptocurrency exchange Gemini, said that the next bull market in cryptocurrencies will start in Asia.
His comments come amid increased enforcement action and a looming crackdown by U.S. regulators, including the Securities and Exchange Commission. “My working thesis is that the next bull market will start in the East,” Winklevoss said in a Feb 19 tweet.
According to Chainalysis, Central and South Asia and Oceania (CSAO) is the third-largest cryptocurrency market in its 2022 index. From July 2021 to June 2022, citizens of these regions received $932 billion worth of cryptocurrencies.
CSAO is also home to seven countries in the top 20 of the 2022 Index: Vietnam (1), Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16) and Indonesia (20) ).
In his Twitter thread, Winklevoss said that governments that fail to provide clear rules and sincere guidance on cryptocurrencies 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 the last to suggest that the U.S. approach to cryptocurrencies will drive out the industry, or that Asia could be kicking off the next cryptocurrency growth cycle. Tough action by U.S. regulators, including the Securities and Exchange Commission, could further drive crypto operations offshore, according to Coinbase CEO and co-founder Brian Armstrong.
Meanwhile, an independent market analyst on Twitter dubbed GCR predicted in a Jan. 8 post to his 147,300 followers that “China (and all of Asia) will drive A wave of rise". Arthur Hayes, the former CEO of crypto derivatives giant BitMEX, predicted in October last year that the next bull market will start when China returns to the market, and further stated that Hong Kong will play an important role in this process.
Hayes believes that Hong Kong may become a testing ground for Beijing to experiment with the encryption market and act as a hub for Chinese capital to enter the global encryption market. Speaking at the POW'ER Hong Kong Web3 Innovators Summit on Jan. 9 earlier this year, Hong Kong's Financial Secretary Paul Chan revealed that lawmakers had passed legislation in December to establish a licensing regime for virtual asset service providers.
The “Chinese token pump” narrative is gaining traction as speculation mounts over whether deregulation in Hong Kong will lead to a surge in utility tokens on Asia-focused exchanges due to legislative changes.
