Gemini’s co-founder believes that the next crypto bull run will come from the East. “It will be a humbling reminder that crypto is a global asset class,” he said. “The West, really the U.S., always only ever had two options: embrace it or be left behind. It can’t be stopped.”
Gemini Co-Founder on Next Crypto Bull Run
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.
“The West, really the U.S., always only ever had two options: embrace it or be left behind. It can’t be stopped. That we know,” he emphasized.
“Any government that doesn’t offer clear rules and sincere guidance will be left in the dust. Quickly. This will mean missing out on the greatest period of growth since the rise of the commercial Internet,” the Gemini co-founder continued. “And it will mean missing out on shaping and being a foundational part of the future financial infrastructure of this world (and beyond).”
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.
Many crypto supporters, including SEC Commissioner Hester Peirce and several lawmakers, have expressed their concerns that the SEC is not providing clear rules for crypto firms to come into compliance. Instead, the Commission has chosen to take an enforcement-centric approach to regulating the crypto industry.
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.
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.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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