On Feb. 20, the cryptocurrency pioneer said that his working thesis at the moment is that the next bull run will start in the east.
He added that it will be a reinforcement of the principle that cryptocurrencies are a global asset class. Each region may have its own rules and stance on cryptocurrency, but ultimately it spans the globe.
The comments come in the wake of a US regulatory war on the industry as the Securities and Exchange Commission ramps up its enforcement. The financial regulator has gone after everything from stablecoins to cryptocurrency staking and custody, claiming that everything is subject to securities laws.
“It will be a humbling reminder that cryptocurrencies are a global asset class and that the West, actually the US, always had only two choices: accept it or be left behind. It can’t be stopped. We know that.
My atm working thesis is that the next bull run will start in the east. It will be a humbling reminder that cryptocurrencies are a global asset class and that the West, actually the US, always had only two choices: accept it or be left behind. It can’t be stopped. What do we know
—Cameron Winklevoss (@cameron) February 19, 2023
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 as it moves towards Asian crypto hub status. The country will officially legalize the buying, selling and trading of cryptocurrencies for all its citizens.
Although mainland Chinese citizens are still prohibited from trading the asset class in China, the opening of Hong Kong will provide a path for Chinese institutions to enter crypto markets.
This has been widely seen as where the next big influx of capital will come from.
Furthermore, large Asian banks such as DBS have already started the process of applying for licenses to offer crypto services to clients in Hong Kong.
Last week, Coinbase CEO Brian Armstrong echoed the sentiment:
“The United States risks losing its status as a financial center in the long term, with no clear rules on cryptocurrencies and a hostile environment from regulators. Congress must act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK and now HK”.
Singapore is also very progressive with regard to a fully regulated digital asset industry.
Asian Stablecoin Plans
Industry analysts have also predicted that an Asian stablecoin will also be launched during the next bull market cycle. China is particularly interested in distancing itself from the hegemony of the US dollar.
Chinese government investigators proposed a digital currency based on a basket of Asian currencies in October 2022.
Binance Free $100 (Exclusive) – Use this link to sign up to receive $100 free and 10% off your first month’s fees for Binance Futures (terms).
PrimeXBT Special Offer – Use this link to sign up and enter the code POTATO50 to receive up to $7,000 on your deposits.