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These Countries Benefited The Most From The Bitcoin Boom Of 2020

June 10, 2021 4:47 pm
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These Countries Benefited The Most From The Bitcoin Boom Of 2020

What Happened: After Bitcoin’s massive boom between October 2020 and April 2021, some retail investors across the globe made life-changing profits.

However, according to data from blockchain analytics firm Chainalysis, some countries benefitted far more than others.

U.S investors collectively made over $4 billion in realized Bitcoin gains, more than three times higher than the second country on the list, China, which made over $1.1 billion.

Japan and the U.K were next on the list, with investors from these countries making $900 million and $800 million, respectively.

Why It Matters: “Upon further inspection, what stands out the most is the number of countries that appear to be punching above their weight in Bitcoin investment as compared to their rankings in traditional economic metrics,” said Chainalysis in a blog.

“In 2020, Vietnam ranked 13th in Bitcoin investment gains at $351 million, outperforming countries that rank higher in traditional economic measures such as Australia, Saudi Arabia, and Belgium.”

Chainalysis also named the Czech Republic, Turkey, and Spain in the list of countries that saw their realized Bitcoin gains significantly higher than expected, with respect to their GDP.

For instance, the Czech Republic ranks 54th in GDP at $251 billion but is 18th in realized Bitcoin investment gains at $281 million.

According to Chainalysis, the steepness of the U.S. realized gains curve during this time suggests American investors sold at higher prices while those in other countries held more. 

Most of these gains are believed to have been from activity on Coinbase Global Inc (NASDAQ:COIN), said the blockchain analytics firm.

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