According to a report by Chainalysis, which is a blockchain analytic firm, the US was the top gainer of the investors in Bitcoin in the year 2020. According to the estimates by the analytical firm, the American traders gained back a lot of funds that they invested in the decentralized crypto currencies in the year 2020, which are worth $4.1 billion.
The sudden increase in the value of Bitcoin has made a lot of crypto millionaires.
The analysis company’s reports say that after the US, China was the second top gainer to have benefited by the Bitcoin Boom of 2020 with a profit of $1.1 billion.
Chainalysis is a Manhattan, New York based company that provides data, software, services, and research to the governments, exchanges, financial institutions, along with insurance and cybersecurity companies in more than 50 countries worldwide.
Although, it was difficult to perform a geographical analysis of the crypto currency trading, as the nature of the crypto technology is decentralized, the crypto analysis firm said that they were able to produce a good estimate in the report of the country wise crypto trading. The company performed the analysis by measuring the on-chain flows made to each crypto currency exchanges and calculated the total US dollar gains which were made on Bitcoin after measuring the differences in the prices of the assets at the exact time that it was withdrawn from the crypto platform as against when it was received.
Chainalysis, in one of its research reportssaid- “That analysis gives us a reasonable estimate for the realised gains Bitcoin investors in each country earned in 2020, though it doesn’t account for gains on assets that have yet to be withdrawn from an exchange.”
The report said that many countries like Vietnam, gained higher profits than they were expected and imagined. As compared to its rankings in the world economy which is at 53, Vietnam’s ranking in the crypto market is at 13. It was also able to outperform other countries that are much higher than it in the traditional economies like Australia, Belgium and Saudi Arabia.
Another unexpected thing that the report showed was that India, which stood at the rank of fifth in the traditional economy measures with a GDP of @2.9 Trillion, ranked “surprisingly low” in the crypto investment gains, which were at $241 million. In a statement given to the Reuters, the company said- “This may be a result of the Indian government’s historical unfriendliness to cryptocurrency.”
The list of the Top 25 Bitcoin Profit Gainers are as follows-
- United States
- United Kingdom
- South Korea
- Czech Republic