Cameron Winklevoss, the well-known cryptocurrency investor from the United States, recently issued a statement that predicted that Asia would take the lead in the subsequent cryptocurrency bull run.
The cryptocurrency community holds Winklevoss in high regard as a pioneer in the space due to his multiple contributions, including founding Winklevoss Capital Management and the Gemini cryptocurrency platform.
Winklevoss, an alumnus of Harvard University, stated (1) that his research thesis is edging towards the might of the East to bolster the cryptocurrency business to a new high. He was responding to a question on how the sector may reach a new high.
He also stated that it would reveal to the world that bitcoin will continue to be a global asset class and that it is not controlled by the people of one country or region. But, in the end, it encompasses the workings of the world's dynamics, despite each nation having its regulations and conceptions of the crypto space.
The statement regarding the potential bull run in cryptocurrencies comes in the wake of the recent assault by regulatory agencies in the United States against the cryptocurrency business.
SEC's Offensive Towards Crypto
The SEC is in charge of its implementation. Stablecoins, staking, and cryptocurrency custody are all targeted by the regulatory agency, which asserts that all of these activities fall under the scope of securities regulations and therefore be prohibited.
As per Winkelovoss, this will serve as a subtle reminder that cryptocurrency is a global asset class and that the West, notably the United States, only has two choices: accept it or fall behind. If the nation goes with the second option, it will eventually be forced to face the ramifications of its decision.
How is Asian Region Acting Towards Crypto?
While regulatory authorities in the United States are doing everything they can to limit and label every part of the cryptocurrency business, the regulatory landscape in Asia is significantly more permissive.
As Hong Kong works toward becoming the center of cryptocurrency activity in Asia, the country will formally open its doors to the virtual asset business in June. Also, it will formally permit the buying and selling of cryptocurrencies for all its people.
Even if people living on the Chinese mainland are prohibited from dealing the investment vehicle in the country, the fact that Hong Kong has opened its doors to the cryptocurrency area will make it possible for Chinese financial institutions to participate in cryptocurrency markets.
This is also a significant part of why many consider Asia the next driving force behind cryptocurrency. In addition, several Asian banks, including DBS, have started seeking licenses that will allow them to offer cryptocurrency services to clients in Hong Kong.
Earlier, Brian Armstrong, the Chief Executive Officer of Coinbase, gave a speech that was very similar to this one. He said that the U.S. was on the verge of losing its place as the economic capital in the long term due to a lack of clarification and a stifling climate from law enforcement agencies.
Armstrong believes that clear law needs to be passed by Congress as soon as possible because crypto is accessible to everyone around the globe.