A recent report by cryptocurrency analytics firm Chainalysis has revealed that a whole host of countries have made massive profits on their Bitcoin investments compared to their traditional investments.
US Bitcoin Investors Lead Gains
The report broke down the countries ‘ estimated profits in 2020. This means that countries that could be called emerging economies perform much better in Bitcoin investments than their more developed counterparts.
According to the report, the United States dominates the table, as investors in this country managed to collect more than $ 4 billion in Bitcoin profits. That’s three times as much as the next country on the list, namely China, whose investors „only“ earned just over a billion dollars.
Chainalysis attributes the huge profits of US investors to the„ huge inflows & # 8220; that the crypto exchanges in the country recorded towards the end of the year. Most likely, this played a decisive role in the country’s profits.
Developing countries also made massive profits
An interesting finding of the report is the fact that countries that could be described as ‘developing’ or ’emerging’ have seen massive gains in their Bitcoin investments.
Using the example of Vietnam, Chainalysis explained that the Asian country ranks 53rd with a GDP of $ 262 billion and is classified by the World Bank as a middle-income country. However, Vietnam has a high level of cryptocurrency adoption and ranks tenth on the Global Crypto Adoption Index.“
The report further noted that the country made $ 351 million in Bitcoin profits, doing better than countries like Belgium and even Australia. Other countries that perform better than their GDP ranking are Spain, Turkey and the Czech Republic. Each of these countries has made profits of over $250 million with their Bitcoin investments.
The report also said that & #8222;investors in almost all countries saw the biggest increases towards the end of the year.& # 8220; During this period, the value of Bitcoin increased from about $ 11,000 to almost $ 30,000 between October and December.
Text credit: cryptoslate