Which country made the most money in Bitcoin in 2020?

Bitcoin, a P2P-type crypto asset, was originally a digital currency managed by a decentralized ledger, but is now bought and sold as a financial product rather than a currency. Bitcoin prices fluctuate significantly from day to day, and investors generate large profits and losses from the difference. Chainalysis, a crypto asset market research company, calculates the profits generated by such Bitcoin transactions for each country.

Chainalysis Blog | Bitcoin Gains by Country: Who Benefited the Most from the 2020 Boom?


Since Bitcoin is based on blockchain and blockchain technology, it is very difficult to analyze geographically because there is no way to know exactly where the parties to each transaction are.

Therefore, Chainalysis measured the on-chain flow to cryptocurrency exchanges in each country and estimated the realized profit by Bitcoin in US dollars by converting the movement of Bitcoin traded on the platform into a price. We also distributed profits by country based on the percentage of traffic each country occupies on each exchange's website.

Chainalysis said, 'Although the profits of crypto assets that have not been withdrawn from the exchange are not taken into account, this analysis can reasonably estimate the profits that investors in each country will earn by buying and selling Bitcoin in 2020. You can do it. '

The graph below shows the analysis results of Chainalysis. The top is the United States, which is making a profit of 4.1 billion dollars (about 450 billion yen), and the second is China, which is making a profit of 1.1 billion dollars (about 120 billion yen). Japan is the third largest in the world with a profit of 900 million dollars (about 98 billion yen).

Chainalysis points out that some countries are digging into higher ranks when it comes to Bitcoin investment compared to traditional economic indicator rankings. For example,

Vietnam, which has a gross domestic product (GDP) of $ 262 billion (about 28 trillion yen) and is ranked 53rd in the world , is classified as a 'low-income country' by the World Bank, but due to the high penetration rate of crypto assets, In the ranking of profits from Bitcoin, it ranked 13th with 400 million dollars (about 43 billion yen).

In addition, the Czech Republic, where Bitcoin is being accepted, such as the installation of Bitcoin ATMs on the subway, has a GDP ranking of 54th, but the profit from Bitcoin has risen to 281 million dollars (about 30 billion yen). , Is the 17th place in the world.

On the other hand, India, which has the world's fifth largest GDP of 2.9 trillion dollars (about 310 trillion yen), is the 18th largest in the world with Bitcoin investment profit of 241 million dollars (about 26 billion yen). Compared to its domestic economic scale, it is in a state of considerable stagnation. This is due to the fact that the Indian government is negative about crypto assets, such as banning banks from trading on crypto exchanges and considering bills to ban crypto assets altogether. I'm watching Chainalysis.

India considers total ban on crypto assets, even 'holding' is penalized --GIGAZINE

With GDP of 25th place in the world at $ 761 billion (about 82 trillion yen), Bitcoin's investment profit is 300 million dollars (about 32 billion yen), ranking 16th. However, in recent years, the Turkish government has taken a strict crackdown on crypto assets, and Chainalysis pointed out that in the future it may not be possible to make big profits with Bitcoin in Turkey.

In addition, the following is a line graph showing the profits of Bitcoin in each country according to the time series for the whole of 2020. A rough look shows that most investors are concentrating on the end of the year and profiting from Bitcoin. It is also shown that it is the United States (pink solid line) that has the largest fluctuation in profits in response to the average price of Bitcoin (blue dotted line).

'This analysis suggests that Bitcoin has given emerging market investors high returns that no other way could have been obtained, while the data shows that crypto assets are subject to strict regulations. It also suggests that citizens are losing that opportunity in countries that are trying to limit their use. '

in Note, Posted by log1i_yk