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According to Winkelovoss, this will be a subtle reminder that crypto is an international asset class and that the West, specifically the US, has two options of either accepting it or being left behind.
Cameron Winklevoss, the famous American cryptocurrency investor, made a new statement predicting that the next crypto bull run will be led by Asia.
Winklevoss, who is also the founder of Winklevoss Capital Management and Gemini cryptocurrency exchange, is a celebrated crypto pioneer in the community. On February 20th, the Harvard University graduate said that his working thesis is inching toward the power of the East to bolster the crypto industry to a new high.
He also said that this will show the world that cryptocurrency will always remain an international asset class and can not be steered by people of one region or territory. Each country has its own set of rules and perceptions of the crypto space, but it eventually covers the dynamics of the entire world.
The statement on the possible crypto bull run follows the recent war by United States regulatory authorities on the crypto industry as the Securities and Exchange Commission shoulders its implementation. The financial regulator is attacking everything from stablecoins to staking to crypto custody, alleging that all of them are under the purview of securities laws.
According to Winkelovoss, this will be a subtle reminder that crypto is an international asset class and that the West, specifically the US, only has two options: either accepting it or being left behind. If the country chooses the latter, it will have to face the consequences eventually.
While the US regulatory authorities are giving their all to curtail and flag every aspect of the crypto industry, the regulatory scenario in Asia is far more liberating.
In June, Hong Kong will officially allow the virtual asset industry to settle in the country as it eyes becoming the crypto hub in Asia. It will also formally authorize crypto purchases and trade for all its citizens. Even though mainland Chinese citizens are stopped from trading the asset class in the country, Hong Kong’s welcome of the crypto space will provide a way for Chinese financial establishments to enter the crypto markets.
This is also majorly the reason why Asia is being touted as the next propellor of the crypto industry. Moreover, several Asian Banks like DBS have begun the process of applying for licenses to provide crypto services to customers in Hong Kong.
Previously, Coinbase Chief Executive Officer Brian Armstrong made a similar statement that the United States was at risk of losing its position as the financial hub in the long term, owing to no clarity and a suffocating environment from the authorities. According to Armstrong, Congress should pass clear legislation soon as crypto is available to everyone across the globe.