Cameron Winklevoss, co-founder of crypto exchange Gemini, believes that Asia is set to become the driving force behind the next crypto bull run. He warned that the United States has two options to avoid being left behind: embrace crypto or be left behind.
Chainalysis data indicates that Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market in its index for 2022, with citizens from these areas receiving $932 billion in cryptocurrency value from July 2021 to June 2022. CSAO was also home to seven of the top 20 countries in 2022’s index: Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).
Winklevoss suggested in a tweet that governments who fail to offer clear rules and sincere guidance on crypto will be “left in the dust.” He added that the US could miss out on “the greatest period of growth since the rise of the commercial Internet,” as well as “shaping and being a foundational part of the future financial infrastructure of this world (and beyond).”
Other prominent crypto figures have also weighed in on this prediction; Coinbase’s Brian Armstrong said that stringent actions from US regulators could further drive crypto businesses offshore, while independent market analyst GCR tweeted that “China, (and Asia in general) will fuel the next run,” and that it would take time for Western cynicism to melt away.
BitMEX’s former CEO Arthur Hayes argued that Hong Kong might become the testing ground for Beijing to experiment with crypto markets and act as a hub for Chinese capital to find its way into the global crypto markets. As a result, Hong Kong’s financial secretary Paul Chan revealed lawmakers passed legislation to set up a licensing system for virtual asset service providers in December, giving rise to speculation over a potential surge in utility tokens of Asian focused exchanges.
In conclusion, it seems as though the next crypto bull run will come from Asia, with China and Hong Kong at the forefront. It remains to be seen whether or not the US will embrace crypto or be left behind, but one thing is certain: the East is ascending and yearning to flex.
