A recent report may provide some setbacks to the United States where it’s been mentioned that not only crypto firms but some Bitcoin investors are also shifting their focus toward Asia. According to a report, in the United States year over year supply chain has shown a divergence.
The data of a report suggests that coins that were previously located in the United States are now shifting to wallets based in Asia. According to data released by the on-chain analytics platform, Glassnode the US year-on-year supply decreased by 7.5% while in the same period, Asia saw an increase of 6.5% increase in supply change.
Bitcoin, one of the most famous cryptocurrencies, is also witnessing a geographical shift in supply. It is seen as a direct result of the crackdown on crypto exchanges and wallet providers in the United States. Many crypto exchanges show their willingness to shift their businesses out of the country. A few days back, Coinbase, one of the leading US-based cryptocurrency exchanges said that they will leave the United States if regulatory bodies will not clear their stand on cryptocurrencies.
The Chief Executive Officer of the Coinbase said, that he would prefer to operate in a ecosystem where there is only one regulatory body with a stable approach, like the United Kingdom. The news triggered panic situation in the minds of crypto firms. Not only Coinbase, but Gemini crypto exchange has decided to shift its engineering operations to India due to America’s war on crypto. On April 20, Gemini revealed that it was opening a new office in Gurgaon, India
In the same report, there’s data representing that the United States remained very hostile towards crypto, and on the other side Asian countries are coming up with comprehensive crypto legislation. For those who are not aware, Hong Kong has decided to provide additional funds to provide better infrastructural facilities to the crypto firms. When China banned Bitcoin mining, the United States became the beneficiary but now it appears to be short-lived. Also, the President of the US, Joe Biden proposed a 30% energy tax on Bitcoin miners which further escalated the shift.