Cameron Winklevoss is an American investor who co-founded the cryptocurrency exchange Gemini. He predicts that Asia will begin the next bull market for cryptocurrencies.
His comments came as authorities in the United States, especially the Securities and Exchange Commission were increasing their enforcement activities and threatening to clampdown even further.
Winklevoss stated in a February 19 tweet that “my working thesis is that the next bull race is going to begin in the East.”
“It will serve to be a sobering reminder crypto is a worldwide asset class and that the West and specifically the United States have only had two options: embrace or be left behind.”
It is impossible to stop it. He said that it was a fact.
Chainalysis discovered that the cryptocurrency market of Central and Southern Asia and Oceania was the third largest market in its 2022 index. These regions received a total of $932 billion in bitcoin compensation between July 2021 to June 2022.
CSAO also housed seven of 20 top nations in the 2022 index. These included Vietnam, the Philippines (which ranked 2nd), India (which ranked 4th), Pakistan (which ranked 6th), Thailand (which ranked 8th), Nepal (16), and Indonesia (20).
Winklevoss said that governments who fail to provide clear rules and honest guidance regarding cryptocurrency will be “left behind” and miss out on the “greatest period of growth since before the advent of the internet commercial. Winklevoss also said that governments who fail to provide clear rules and sincere guidance on cryptocurrency will be “left in the dust” and miss the opportunity for shaping the future financial infrastructure around the world (and beyond).
Winklevoss isn’t the only one to suggest that the United States’ attitude towards cryptocurrency would drive the business away. He will also not be the last to say that Asia could kick-start the next cryptocurrency boom.
Brian Armstrong, Coinbase’s CEO and co-founder, said that the strictures of the U.S. authorities (not least the SEC) might encourage cryptocurrency firms to move abroad.
GCR, a Twitter-based free market analyst, predicted that China (and Asia in general), would fuel the next run. This prediction was made in a January 8 post to their 147.300 followers. GCR tweeted: “China (and Asia in general will fuel the next race.”
It will take time to dispel the Western cynicism about this space. But the East is rising and longing to exercise their muscles.
Arthur Hayes, the former CEO of BitMEX crypto derivatives giant BitMEX made the prediction in October last year that the next bull market would begin when China returns to the market. He said that Hong Kong plays a crucial role in this process. He predicted that China would return to the market and the next bull run would begin.
Hayes stated that Hong Kong could serve as a testing ground for Beijing in cryptocurrency markets, and as a hub for Chinese capital seeking entry to global markets. Hong Kong already serves as a test ground for Beijing in order to explore traditional markets.
He said that China has not abandoned crypto. It has just remained inactive.”
Paul Chan, Hong Kong’s finance secretary, delivered a speech at the POW’ER Hong Kong Internet Innovators Summit. He explained that Hong Kong’s legislators had passed legislation in December to establish a licensing system for providers of virtual asset services.
The “Chinese Coins Pump” narrative, which has been growing in popularity as a result the changes to the legislation, is now gaining ground. As speculation increases about whether regulatory changes in Hong Kong will result in a huge surge for utility tokens on Asian-focused exchanges, this narrative is gaining ground.
