A recent report from cryptocurrency analysis firm Chainalysis showed that a number of countries have made massive gains on their Bitcoin investments compared to their traditional investments.
The report itemized the countries’ estimated profits in 2020. That means that what could be described as emerging markets do much better than their more developed counterparts when it comes to Bitcoin investments.
According to the report, the United States dominates the table as investors in that country have raked in more than $ 4 billion in Bitcoin profits. That is three times as much as the next country on the list, namely China, whose investors “only” earned a little over a billion dollars.
Chainalysis attributes the huge gains of US investors to the “huge inflows” that the crypto exchanges in the country saw towards the end of the year. This most likely played a crucial role in the country’s profits.
An interesting finding from the report is the fact that what could be termed “developing” or “emerging” countries have seen massive gains in their Bitcoin investments.
Using Vietnam as an example, Chainalysis explained that the Asian country ranks 53rd with a GDP of $ 262 billion and is classified as a middle-income country by the World Bank. However, Vietnam has a high level of cryptocurrency adoption and ranks tenth on the Global Crypto Adoption Index. “
The report further found that the country made $ 351 million in Bitcoin profits, outperforming countries like Belgium and even Australia. Other countries that outperform their GDP ranking are Spain, Turkey, and the Czech Republic. Each of these countries has made over $ 250 million in profits from their Bitcoin investments.
The report also said that “Investors in almost every country saw the biggest increases towards the end of the year.” During that period, Bitcoin’s value rose from about $ 11,000 to nearly $ 30,000 between October and December.
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