- Gemini’s co-founder touts the next crypto bull run to begin in Asia following the reluctance of the U.S. to support innovation.
- He failed to disclose whether the bull run would begin in the Far East or Southeast Asia.
- Nevertheless, Asian countries are taking the lead in crypto adoption, trouncing North America in the grand scheme of things.
Gemini co-founder Cameron Winklevoss has predicted Asia to be the trigger for crypto’s next bull run as the U.S. opts to take a back seat on innovation.
In a tweet on Feb 13, Winklevoss disclosed that it is his firm belief that Asia will surpass the U.S. in virtual currency development in the near future. He went on to predict that the U.S. risks missing out on the biggest dividends of growth since the rise of the internet.
“My working thesis at the moment is that the next bull run is going to start in the East,” said Winklevoss. “It will be a humbling reminder that crypto is a global asset class and that the West, really the U.S., always only ever had two options: embrace it or be left behind.”
Winklevoss’ comments received support from several key industry players, with Binance’s founder Changpeng Zhao wondering if the bull run will begin in the Middle East or the Far East. Both regions in Asia have recorded incredible figures, according to the Chainalysis Crypto Adoption Index 2022.
Countries like the Philippines, Japan, and South Korea are leading the charge for virtual currency adoption with thriving local ecosystems and a robust governing framework in the Far East. The Middle East is not far behind, as the UAE and Saudi Arabia have been making significant inroads in the metaverse, attracting leading global firms to set up operations in the region.
Hong Kong and Singapore have also made public their ambitions to occupy the top spot in the ranking of crypto-friendly nations while being careful to avoid a repeat of the Terra and FTX tragedies.
The U.S. stifling virtual currency growth
Since the staff of the year, U.S. regulatory authorities have upped the ante in their crackdown against the local virtual currency industry. Things reached a fervent pitch with the SEC writing to Paxos to halt issuing Binance USD (BUSD) stablecoins on grounds of issuing unregistered securities.
“Any government that doesn’t offer clear rules and sincere guidance will be left in the dust,” said Winklevoss. “And it will mean missing out on shaping and being a foundational part of the future financial infrastructure of this world.”
Gemini has also had its fair share of troubles with the SEC while regulators appear poised to move against crypto staking in the U.S. in the coming months.