June 11, 2023

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The global bitcoin transition is moving from the US to Asia

The global bitcoin transition is moving from the US to Asia

Since the beginning of this year, there has been a very significant change globally. American Bitcoin (BTC) wallets hold less and less BTC, while Asian wallets, on the other hand, continue to grow in value. This may have something to do with America’s difficult legislative climate. However, many Asian countries are making great strides towards crypto adoption.

Anti-trust crypto regulation in the US

This is evident from data from blockchain analytics firm Glassnode. This change has been particularly rapid in recent months. Compared to last year, Bitcoin supply in the US is down 7.5 percent. Asian bitcoin supply rises 6.9 percent

This event is nothing short of amazing. The numbers are only a reflection of the difficult relationship between the crypto industry and US authorities. For example, the Securities and Exchange Commission (SEC) has been at odds with the US crypto industry for years. Take, for example, the inconclusive litigation between Ripple (XRP) and the SEC, or the SEC’s ongoing attacks against crypto companies like Coinbase and Binance.

Many prominent figures have already pointed out the dangers of this scenario. Coinbase CEO Brian Armstrong, for example, is considering an exit from the US. Many individuals also pointed to the exodus of American crypto firms to Hong Kong, for example.

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The next Bitcoin bull run will come from Asia

Cameron Winklevoss, founder of crypto exchange Gemini, recently believed that the next crypto bull run will not come from the West, but from Asia. On April 20 Gemini declared that he was putting his money where his mouth was and heading to Asia. It opened a new office in India.

While the US is not ready to create a clear legal framework for the crypto industry, Asian countries are doing so. Earlier this year, Hong Kong revealed its ambition to become a regional crypto hub. Several crypto companies have already indicated that they are preparing to move to the city-state. Moral of the story: America seems to be passing the crypto train, and Asia is only too happy to fill the void.