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The Next crypto bull run

Overview

Cameron Winklevoss has identified Asia as the key to driving the next crypto bullishness.

Gemini Co-Founder Says the Next Crypto Bull Run Will Begin in East

Cameron Winklevoss, a US investor and cofounder of Gemini cryptocurrency exchange, recently said
that the next crypto bull run would start in Asia.

Winklevoss tweeted on Sunday, February 19, that: “My working thesis atm is that the next Bull Run is
going to start in the East.”

He said the event would be a reminder that cryptocurrency is a global asset class that cannot be
stopped. He further argued that the West, especially the US, always has two options: that is to either
embrace it or be left behind.

In his Twitter thread, Winklevoss said governments that fail to give out clear and sincere regulations on
cryptocurrency will be left behind and miss out on huge opportunities associated with digital asset
technologies.

He further elaborated: “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 not the first market participant to say that strict US laws are slowly moving away web3
startups from the country.

Early this month, Coinbase CEO and co-founder Brian Armstrong said unfriendly actions from the US SEC
could drive crypto firms offshore.

Due to the rising level of scrutiny and enforcement recently seen on the US crypto crackdown, many
operators who want to stay in the crypto industry may consider choosing friendlier nations where the
regulations are clear.

Asia becoming a crypto hub

While the US has continued adopting a stricter stance against digital asset firms, other nations are
maintaining a more accommodating stance.

Asia is one of the key hubs driving digital asset adoption and innovation. Over 600 crypto firms are
currently headquartered in Southeast Asia. Crypto, blockchain, and web3 startups recently contributed
huge growth in venture capital funding across the region, drawing in more than $1 billion in funding in
2022.

Last September, Chainalysis released a report showing that Central & Southern Asia and Oceania (CSAO)
was the third largest crypto market in its index for 2022. Users from these regions obtained $932 billion
in crypto value from July 2021 to June 2022.
According to the Chainalysis’ report, CSAO was home to seven of the top 20 nations in 2022’s index:
Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).

Meanwhile, there are increasing indications that China is waking up to become part of the key driving
force in the next crypto bull run.

Last October, Arthur Hayes, the former CEO of BitMEX crypto exchange, predicted that the next bull run
would begin when China moves back into the market. He recognized Hong Kong as playing an important
role in the crypto adoption process and acts as a hub for Chinese investors to find their way into the
global crypto markets.

Despite China’s ban on crypto transactions in 2021, the country is keen on reversing its harsh policies
towards digital assets.

In January, the Financial Secretary of Hong Kong, Paul Chan, announced that they are working to make
China a crypto hub. After the announcement, Seychelles-based Huobi exchange and Singapore-based
DBS bank launched their plans to expand their businesses into the territory. Last week, US-based
interactive Brokers unveiled its Bitcoin and Ether trading services to professional investors and
institutions in China.