Asia Will Start The Next Crypto Bull Run, Says Gemini Co-founder Amid Rising Adoption Rate ⋆ ZyCrypto

• The Gemini co-founder hails the next crypto bull run to kick off in Asia following US reluctance to support innovation.
• He failed to reveal whether the bull run would start in the Far East or Southeast Asia.
• Nevertheless, Asian countries are leading the way in crypto adoption, beating North America in the grand scheme of things.

Gemini co-founder Cameron Winklevoss predicts Asia will be the trigger for the next crypto bull run as the US chooses to take a back seat on innovation.

In a tweet on February 13, Winklevoss stated that he firmly believes that Asia will overtake the US in virtual currency development in the near future. He went on to predict that the US risks missing out on its biggest growth dividend since the advent of the internet.

“My current working thesis is that the next bull run will start in the East,” said Winklevoss. “This will serve as a humble reminder that crypto is a global asset class and that the West, truly the US, will always have only two choices: accept it or be left behind.”

Winklevoss’ comments drew support from several major industry players, with Binance founder Changpeng Zhao wondering whether the bull run will start in the Middle East or the Far East. Both regions in Asia have recorded outstanding numbers, according to the Chainalysis Crypto Adoption Index 2022.

Countries such as the Philippines, Japan, and South Korea are leading the charge for virtual currency adoption with thriving local ecosystems and strong governance frameworks in the Far East. The Middle East is not far behind, as the UAE and Saudi Arabia have made significant inroads in the metaverse, attracting leading global companies to set up operations in the region.

Hong Kong and Singapore have also announced their ambitions to take the top spot in the ranking of crypto-friendly countries while being careful to avoid a repeat of the Terra and FTX tragedies.

The US is choking virtual currency growth

Since staff of the year, US regulatory authorities have upped the ante in their crackdown on the local virtual currency industry. Things came to a head with the SEC’s letter to Paxos to stop the issuance of the stablecoin Binance USD (BUSD) on the grounds of issuing unregistered securities.

“Any government that doesn’t offer clear rules and genuine guidance will simply be left alone,” said Winklevoss. “And that means missing the opportunity to shape and become a fundamental part of the world’s future financial infrastructure.”

Gemini has also had a lot of trouble with the SEC while regulators seem poised to move against cryptostaking in the US in the coming months.