Is the next crypto bull run will spring in Asia: Gemini co-founder

The rapid rise of cryptocurrencies has caught many nations off guard. The crypto market set off to a solid start at the start of 2023, but in the second week of Feb, the price of digital assets dropped due to market volatility. Meanwhile, the crypto market soared on Feb 16 thanks to Bitcoin and other altcoins.

According to Gemini co-founder Cameron Winklevoss, the upcoming crypto’s bull run will start in Asia due to the US regulatory authorities’ tighter regulatory approach on digital assets. Winklevoss tweeted, “Crypto is a global asset and that of the West, really the US.”

My working thesis atm is that the next bull run is going to start in the East. It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or be left behind. It can’t be stopped. That we know.
— Cameron Winklevoss (@cameron) February 19, 2023

On Feb 9, the US regulator Securities and Exchange Commission (SEC) charged Kraken with breaching the nation’s security laws. In response, the agency reported on Thursday that the crypto exchange agreed to shut off its staking service and pay $30 million in penalties to settle the case.

In his Twitter thread, Winklevoss said, “Any government that doesn’t offer clear rules and sincere guidance will be left in the dust.” “This will mean missing out on the greatest period of growth since the rise of the commercial internet,” he added.

In the wake of the SEC’s charges against Kraken, Coinbase CEO tweeted, “I hope that’s not the case as I believe it would be a terrible path for the US if that were allowed to happen.”

1/ We’re hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that’s not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.
— Brian Armstrong (@brian_armstrong) February 8, 2023

Evolution of cryptocurrency in Asian countries

The use of cryptocurrency grew rapidly in Asia between June 2020 and July 2021, with transactions in Central and South Asia increasing by 706%, hitting a value of $572.5 billion. Chainalysis states Central & Southern Asia and Oceania (CSAO) is the third largest crypto market in its 2022 index. The users from CSAO countries acquired $932 billion in crypto value from July 2021 to June 2022.

According to the White Star Capital report in 2021, Southeast Asia has a crypto adoption rate of 3.5%. The Philippines, one of Asia’s growing crypto markets, gained popularity due to the Axie Infinity, a monster battlefield game developed by Vietnamese gaming studio Sky Mavis. In South Korea, investors are still showing interest in crypto assets after the epic downfall of Terra Luna, which Do Kwon developed. In 2021 nearly two million users owned cryptocurrency in South Korea.

Japan, one of the most crypto-friendly nations in Asia, had 58 digital assets listed on 32 crypto exchanges. According to statista.com, the leading cryptocurrencies, Bitcoin and Ethereum, were listed on 29 crypto exchanges in Japan in Feb 2023.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other devices. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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Source: https://www.thecoinrepublic.com/2023/02/21/is-the-next-crypto-bull-run-will-spring-in-asia-gemini-co-founder/