According to the co-founder of crypto exchange Gemini, Cameron Winklevoss, the next bull run of the crypto market starting in Asia. Regulatory policies in America are becoming increasingly strict, and Asia now seems to be leading the way in the adoption of . Winklevoss believes that America has only two choices: embrace crypto or be left behind.
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
Gap in crypto adoption is growing
The last few weeks have been themed around the firm position that the US Security and Exchange Commission (SEC) is taking against the crypto industry. The crypto exchanges Kraken and Binance in particular were targeted by the SEC. In light of these events, Winklevoss has come to the conclusion that Asia is likely to take the lead in the future.
“My theory right now is that the next bull run will start in the East. It will be a painful reminder that crypto is a global asset, and that the West, or the United States, has only two options: embrace it or be left behind.”
The data also shows that Asia is very relevant to the global adoption of crypto. According to analysis company Chainalysis Central and South Asia was the third largest crypto market in the world in 2022. In addition, seven of the 20 countries leading the way in crypto adoption come from this area. Vietnam is even number one.
Western attitudes towards crypto must change
According to Winklevoss, America is making a crucial mistake with its rigorous policies. Governments without clear regulations will “miss the greatest period of growth since the internet”. “It also means that these governments will not be part of the foundation of our global financial future,” said Winklevoss.
Recent developments in Asia demonstrate the difference in policies between the West and the East. Last week it was announced that the largest bank in Southeast Asia, DBS, will offer crypto trading services in Hong Kong.
The government in Hong Kong has already indicated its ambition to become a crypto hub. New legislations already seem to attract platforms and institutions active in crypto to the city-state.
