Cameron Winklevoss, the controversial co-founder of Gemini, believes that the East will be the catalyst of the next crypto bull run. He then goes on to remind people that it is a global asset class and that the West should either embrace it or be left behind by the event.
Winklevoss’ “Working Thesis”
Last Monday, Winklevoss let out a Tweet showing his confidence in a brewing bull run that will come from the East. His posts were seemingly triggered by the strict crackdown of the US government, especially the Securities and Exchange Commission, on crypto-related products and services that it considers securities.
The crypto investor and former Olympian said that the event will be inevitable. He also warned that if the US does not do anything to support crypto projects going forward, it may be left behind by the “greatest period of growth since the rise of commercial Internet”. Likewise, it may miss out on being the first to adopt the upcoming changes in the global financial infrastructure.
Winklevoss airs the same sentiments as the other key figures in the crypto landscape. It should be noted that Coinbase CEO and co-founder Brian Armstrong cautioned that stringent rules in crypto projects and investing in the US may drive away crypto businesses elsewhere.
Previously, the Coinbase boss stood his ground against the crackdown of several crypto staking products and services. He vowed to uphold his company’s staking offerings even if it means defending themselves in court later. Additionally, his lawyer argued that their staking platform is outside the jurisdiction of the SEC because it’s not trading securities and its rewards are not forms of investments.
CSAO and Oceania to Lead the Bulls
Winklevoss theory is not far-fetched and is merely echoing the views of his contemporaries in the crypto scene. Furthermore, it is in line with the study made by Chainanalysis back in November 2021.
According to the data analytics firm, Central & Southern Asia and Oceania (CSAO) was the third largest crypto market in its July 2021 to June 2022 index. People in this location got a total of $932 billion in crypto value from the covered period.
Topping the list are India, Thailand, Vietnam, Australia, and Singapore from first to fifth, respectively. India received a total of $172 billion during that timeframe while the rest were treading over $100 billion each.
Meanwhile, ratings agency GCR projected that the next bull run will come from China in its January 9, 2023 tweet. Despite initially turning a cold shoulder to crypto, China is apparently subtly supporting Hong Kong’s crypto hub ambitions.
Based on the data provided by the sources shown here, the projections of Winklevoss and other figureheads in the crypto scene are pretty sound. The higher focus on putting up restrictions instead of centering on setting up support for the industry may do more harm than good in the end. Thus, a balance of both must be enforced to promote crypto investments in the US to ensure that they are not driven somewhere else.
Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeit’s dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager for a consultancy firm.