The next Crypto Bull Run will be driven by Asia: Cameron Winklevoss
On February 20, the crypto pioneer said that his job description at the moment is that the next bull run is going to start in the East.
He added that it will reinforce the principle that crypto is a global asset class. Each region may have its own rules and attitude towards crypto, but ultimately it spans the globe.
The comments come in the wake of a US regulatory war against the industry as the Securities and Exchange Commission ramps up enforcement. Finanstilsynet has gone after everything from stablecoins to staking to crypto depository, claiming that everything comes under securities legislation.
“It will be a humbling reminder that crypto is a global asset class and that the West, essentially the US, has always only had two options: embrace it or be left behind. It cannot be stopped. We know that.”
The Hong Kong narrative is growing
While Uncle Sam’s financial regulators are working as hard as they can to crush the industry for US retail investors, the outlook in Asia is far more encouraging.
In June, Hong Kong will open its doors to the digital asset industry as it bids for Asian crypto hub status. The country will officially legalize the buying, selling and trading of crypto for all citizens.
Although mainland Chinese nationals are still barred from trading the asset class in China, the opening in Hong Kong will provide an avenue for Chinese institutions to enter crypto markets.
This has been seen as where the next big influx of capital will come from.
Furthermore, major Asian banks such as DBS have already started the process of applying for licenses to offer crypto services to clients in Hong Kong.
Last week, Coinbase CEO Brian Armstrong echoed the sentiment:
“America risks losing its status as a financial hub in the long term, without clear rules for crypto, and a hostile environment from regulators. Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading the way. EU, UK and now HK.”
Singapore is also very forward thinking in terms of a fully regulated digital asset industry.
Asian Stablecoin Plans
Industry analysts have also predicted that an Asian stablecoin will also be rolled out during the next bull market cycle. China is particularly keen to distance itself from US dollar hegemony.
Chinese government researchers proposed a digital currency based on a basket of Asian currencies in October 2022.
