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.
“My working thesis atm is that the next bull run is going to start in the East,” Winklevoss said in a tweet 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 20 countries in 2022’s index: Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).
My working thesis atm is that the next bull run is going to start in the East. 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.
— Cameron Winklevoss (@cameron) February 19, 2023
In his Twitter thread, Winklevoss said that 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.