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Crypto Billionaire Justin Sun Predicts Next Bull Cycle

Justin Sun

South Korea

Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

September 8, 2023

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Tron founder Justin Sun has predicted that the market is poised to enter a new bull cycle within the next two years.

Speaking at Korea Blockchain Week 2023, Justin Sun expressed optimism for the upcoming bull run. He said that the industry has been undergoing a deleveraging process over the past year, requiring time to absorb the market shocks stemming from liquidity crises triggered by companies such as 3AC and FTX.

The crypto billionaire believes that the industry at large equally requires time to rebuild confidence and sustain development.

Justin Sun Praises Asia’s Crypto Regulatory Landscape

Talking about crypto regulations at the event in Korea, Sun emphasized that even in the face of strong regulatory measures from the western countries like the USA, cryptographic technology remains a worldwide strategic priority that all involved parties will ultimately engage with.

He further noted that the momentum behind dollar-pegged stablecoins in Asia is expected to remain strong, primarily due to the regulatory environment in the region.

The trend is expected to endure throughout the emergence of the Web 3.0 era, and concurrently, Asian perspectives are primed to regain their central position in mainstream discussions, Sun added.

Hong Kong and Singapore to Invigorate the Global Crypto Industry

Justin Sun also talked about the evolving landscape in the Asian cryptocurrency arena, with a particular focus on the resurgence of Hong Kong’s importance.

Historically, Hong Kong had been a favored hub for cryptocurrency exchanges, but the stringent cryptocurrency policies in China had caused the departure of several prominent projects.

Nevertheless, Hong Kong has recently embarked on a path of revitalization, embracing more accommodating policies to rekindle its appeal to cryptocurrency enterprises.

This shift has ignited a competitive spirit that has also spurred Singapore into action, as it aims to safeguard its regional leadership position.

Justin Sun opined that the resulting rivalry and collaboration between Hong Kong and Singapore are poised to inject renewed energy into the global cryptocurrency industry, offering a wider array of options and opportunities for both investors and entrepreneurs.