The East is Rising: Cameron Winklevoss Predicts the Next Crypto Bull Run Will Come From the East
Cameron Winklevoss, co-founder of the U.S.-based cryptocurrency exchange Gemini, believes that the next crypto bull run will come from the East. He tweeted Sunday: “My working thesis [at the moment] 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.”
Winklevoss believes that the West, particularly the U.S., has two options when it comes to crypto: embrace it or be left behind. He warned that any government that doesn’t offer clear rules and sincere guidance will be left in the dust.
The U.S. Securities and Exchange Commission (SEC) has come under heavy scrutiny following its recent enforcement actions against crypto firms. The regulator charged crypto exchange Kraken on Feb. 9 over its staking program and Paxos days later over its stablecoin Binance USD (BUSD) issuance. The SEC also took action against Gemini in January for allegedly offering and selling unregistered securities to retail investors through its “Earn” crypto asset lending program.
Meanwhile, a growing number of jurisdictions in Asian countries are making efforts to become a crypto hub, including Hong Kong, Singapore, and South Korea’s second-largest city, Busan. Several places in Europe are also striving to establish themselves as a crypto hub. A recent study by crypto tax firm Recap ranked London as the “most crypto-ready city.”
The CEO of Nasdaq-listed crypto exchange Coinbase, Brian Armstrong, said last week that the U.S. risks losing its status as a financial hub if there is no clear crypto regulation. He and the CEO of Kraken have urged Congress to act soon to pass clear crypto legislation.
It remains to be seen whether Winklevoss’ prediction will come true, but it is clear that the East is making strides in the crypto space. A draft law regulating aspects of crypto taxation has been submitted to the Russian parliament, and other countries in the region are also making moves to become crypto hubs.
Do you agree with the Gemini co-founder that the next crypto bull run will start from the East? Let us know in the comments section below.