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Cameron Winklevoss, the co-founder of the crypto exchange Gemini, said he believes the next crypto bull run will come from the East. He also opined that the West, specifically the United States, has two options: embrace crypto or be left behind.
According to Cameron Winklevoss, an American investor, and co-founder of Gemini, the next cryptocurrency bull run will start in Asia. Winklevoss’s comments are made during a time of increased regulatory enforcement of the crypto sector. He said in a Twitter thread:
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.
Winklevoss concluded by saying:
It can’t be stopped. That we know.
Winklevoss Believes the U.S. Will Miss Out on Crypto
The U.S. has been cracking down on the crypto sector, and many argue authorities are taking the approach of “regulation by enforcement.” Winklevoss argues that governments, such as the U.S., that don’t offer clear and concise regulatory guidance regarding cryptocurrencies will be “left in the dust,” likening it to missing out on “the greatest period of growth since the rise of the commercial Internet.” He added:
And it will mean missing out on shaping and being a foundational part of the future financial infrastructure of this world (and beyond).
The Gemini co-founder is not the first to suggest that the U.S.’s current approach to the sectors will drive the industry offshore. Brian Armstrong, CEO and co-founder of the crypto exchange Coinbase, recently had a lot to say about U.S. regulators’ enforcement of the industry.
Arthur Hayes, the former CEO of crypto derivatives giant BitMEX, predicted in October that the next bull run would begin when China re-entered the market and said that Hong Kong would play a significant role in this. He argues that Hong Kong will be a testing ground for Beijing to experiment with crypto and will likely become the Chinese hub for crypto.
Hayes’ predictions might not be far off. Hong Kong has recently positioned itself as the world’s leading crypto hub. The city expressed its goal to reclaim its position as a financial hub and said it would do anything to foster the crypto sector. Last week, Hong Kong made a significant leap in the financial industry when it issued the world’s first tokenized green bond.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.