The cryptocurrency industry has been longing for a bull market. While the current state of Bitcoin [BTC] is hinting towards one at the moment, the community isn’t entirely convinced. Amidst this debacle, Gemini’s Cameron Winklevoss highlighted the catalyst for the upcoming bull market. In a recent Twitter thread, Winklevoss pointed out that Asia will prompt the next bull run. He said,
“My working thesis atm is that the next bull run is going to start in the East.”
It should be noted that this was expressed in light of the United States’ lack of clarity around cryptocurrency. According to the Gemini co-founder, he believes that not just the U.S. but any government that fails to formulate “clear rules and sincere guidance will be left in the dust.” He tweeted,
The U.S. despite being a superpower might lag behind. Elaborating on the same, Winklevoss tweeted,
“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.”
Several in the comment section were quick to point out how the Securities and Exchange Commission [SEC] and its chair Gary Gensler would be the biggest hurdles in U.S.’s cryptocurrency journey.
Will Bitcoin thrive despite backing from the U.S.?
Bitcoin is significant for emerging as an asset free from boundaries. While decreased usage in a particular could influence the price of Bitcoin in the short term, it wouldn’t really affect the asset in the long run. Nevertheless, a majority of the community still expects BTC to move beyond $100K despite the regulatory hurdles. According to a pseudonymous trader who goes by Filbfilb on Twitter revealed that Bitcoin is poised to hit a high of $180,000.
However, this is a long-term prediction. Further explaining the reason behind this, the trader said,
“Bitcoin halving is due for March 2024. If history is anything to go off then you have 18 months absolute max to get your sh*t together before we start doing all sorts of cr*zy stuff above the ATH again.”
Minimizing the supply of the king coin has almost always benefited the asset. As a result, the upcoming halving should have a prominent influence on BTC’s voyage toward $100K.