• Gemini co-founder Cameron Winklevoss believes the next crypto bull run will come from Asia, while America has two options — embrace crypto or be left behind.
• According to Chainalysis, Central & Southern Asia and Oceania (CSAO) is the third largest cryptocurrency market.
• Winklevoss believes that governments who fail to offer clear rules and sincere guidance on crypto will miss out on “the greatest period of growth since the rise of the commercial Internet”.
Gemini Co-Founder Predicts Next Crypto Bull Run Will Come From Asia
Gemini co-founder Cameron Winklevoss believes the next crypto bull run will come from Asia, while America has two options — embrace crypto or be left behind. The comments come amid an increase in enforcement action and looming crackdowns from United States regulators, including the Securities and Exchange Commission.
Chainalysis Index Points To CSAO As Third Largest Crypto Market
According to Chainalysis, Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market in its index for 2022. Citizens from these areas received $932 billion in cryptocurrency value from July 2021 to June 2022. CSAO was also home to seven of the top 20 countries in 2022’s index: Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).
Winklevoss Warns Governments Who Don’t Embrace Crypto Will Be ‚Left In The Dust‘
In his Twitter thread, Winklevoss said that governments who fail to offer clear rules and sincere guidance on crypto will be „left in the dust,“ and miss out on „the greatest period of growth since the rise of the commercial Internet.“ He added that it would mean missing out on shaping and being a foundational part of the future financial infrastructure of this world (and beyond).
Coinbase CEO Brian Armstrong Agrees US Regulations Could Drive Crypto Businesses Offshore
Coinbase CEO and co-founder Brian Armstrong said that stringent actions from U.S. regulators could further drive crypto businesses offshore. Meanwhile, an independent report by Delphi Digital suggested that tighter regulations could force most U.S.-based investors into more privacy-focused wallets instead of exchanges—which could limit their access to certain services such as staking rewards or yield farming opportunities offered by other platforms, but would protect them against potential government investigations or raids over alleged tax evasion or money laundering activities.
Given all these factors it appears that if US regulators don’t offer clear guidance soon then it’s likely investors may start looking elsewhere for their investments – with Asia potentially leading a new wave of growth for cryptocurrencies around the world.