On February 20, the crypto pioneer said his working thesis at the moment was that the next bull run was going to start in the East.
He added that it will be a reinforcement of the principle that crypto is a global asset class. Each region may have its own rules and stance on crypto, but ultimately it spans the globe.
The comments come on the heels of a US regulatory war on the industry as the Securities and Exchange Commission steps up enforcement. The financial regulator has researched everything from stablecoins to staking to crypto custody, saying it all falls under securities laws.
“It will be a humble reminder that crypto is a global asset class and that the West, really the United States, has always had only two options: embrace it or be left behind. He cannot be stopped. This we know.
My working thesis is that the next bull run will start in the East. It will be a humble reminder that crypto is a global asset class and that the West, in reality the United States, has always had only two options: embrace it or be left behind. He cannot be stopped. We know that.
—Cameron Winklevoss (@cameron) February 19, 2023
The Hong Kong narrative grows
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 much brighter.
In June, Hong Kong will open its doors to the digital asset industry with a view to gaining Asian crypto hub status. The country will officially legalize the buying, selling and trading of crypto for all its citizens.
Although mainland Chinese citizens are still not allowed to trade the asset class in China, the opening of Hong Kong will pave the way for Chinese institutions to enter the crypto markets.
This was widely seen as the source of the next major influx of capital.
Additionally, major Asian banks such as DBS have already started the process of applying for licenses to offer crypto services to Hong Kong customers.
Last week, Coinbase CEO Brian Armstrong echoed the sentiment:
“America risks losing its status as a long-term financial hub, without clear crypto regulations and a hostile environment from regulators. Congress should move quickly to pass clear legislation. Crypto is open to everyone around the world and more are on the way. EU, UK and now HK.
Singapore is also very forward looking when it comes to 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 the hegemony of the US dollar.
Chinese government researchers propose a digital currency based on a basket of Asian currencies in October 2022.
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