Cameron Winklevoss, an American investor and co-founder of the Gemini cryptocurrency exchange, predicts that Asia will be the start of the next cryptocurrency bull run.

His comments came at a time when US authorities, particularly the Securities and Exchange Commission, were stepping up their enforcement actions and threatening even more drastic measures.

In a tweet he sent on February 19, Winklevoss said: “My working thesis right now is that the next bull run will start in the east.”

“It will serve as a sobering reminder that cryptocurrencies are a global asset class, and that the West, and more specifically the United States, has always had only two options: embrace it or be left behind.”

“There’s no way to stop it. That’s a fact,” he went on to say.

Chainalysis found that the cryptocurrency market in Central and South Asia and Oceania (CSAO) was the third largest market in its 2022 index. Between July 2021 and June 2022, residents of these regions were compensated with a total value of $932 billion in bitcoin.

CSAO was also home to seven of the top 20 nations in the 2022 index, including Vietnam (ranked first), Philippines (ranked second), India (ranked fourth), Pakistan (ranked sixth place), Thailand (which ranked eighth). ), Nepal (ranked sixteenth) and Indonesia (20th).

In a thread on his Twitter account, Winklevoss claimed that governments that do not offer clear rules and honest guidance on cryptocurrencies will be “left behind” and miss “the greatest period of growth since the rise of the commercial Internet.” He also stated that these governments will also miss out on the opportunity to shape and be a fundamental part of the future financial infrastructure of this world (and beyond).

Winklevoss is not the first person to argue that the US attitude towards cryptocurrency would drive business away, nor will he be the last person to claim that Asia may kickstart the next cryptocurrency boom cycle.

According to Brian Armstrong, the CEO and co-founder of Coinbase, tough measures by US authorities, particularly the SEC, could further boost cryptocurrency companies abroad.

Meanwhile, a free-market analyst on Twitter known as GCR predicted that “China (and Asia in general) will drive the next race” in a January 8 post to his 147,300 followers. GCR’s tweet read: “China (and Asia in general) will drive the next race.”

“It will take a long time to melt the cynicism Westerners have towards this space, but the East is rising and itching to show its muscles.”

In October last year, Arthur Hayes, former CEO of crypto derivatives giant BitMEX, made a prediction that the next bull run will begin when China returns to the market. He went a step further and he said that Hong Kong has a vital role to play in this process. His prediction was that the next bull run will begin when China returns to the market.

Hayes argued that Hong Kong could become the testing ground for Beijing to experiment with cryptocurrency markets and act as a hub for Chinese capital to find its way into global cryptocurrency markets. Hong Kong is already acting as a testing ground for Beijing to experiment with traditional markets.

During that time, he made the statement that “China hasn’t given up on cryptocurrencies; it’s just sat dormant.”

Earlier this year, Paul Chan, Hong Kong’s financial secretary, delivered a speech on January 9 at the POW’ER Hong Kong Web3 Innovators Summit. In his speech, he revealed that Hong Kong lawmakers passed a law in December to establish a licensing system for virtual asset service providers.

As a direct result of the changes to the legislation, a narrative known as the “Chinese coin bomb” has been gaining ground. This narrative has been gaining ground as speculation grows as to whether regulatory easements in Hong Kong will lead to a massive increase in utility tokens from Asia-focused exchanges.