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American investors’ earnings in 2020 triple to that of other countries - TCR

source-logo  thecoinrepublic.com 10 June 2021 16:07, UTC
  • Americans constitute the majority of the Bitcoin earnings in 2020, surpassing high transactional countries like China
  • Developing economies rank higher in the Crypto Index than in the GDP Index
  • 2020 shot up profits for investors regardless of demographics and financial condition of nations

The cryptocurrency wave by the end of 2020 had resulted in massive gains. A large section of these earnings pertains to the American crowds. The surge in the last year resulted in American investors earning more than triple the size of all other demographic earners. The United States of American alone gained $4.1 billion in Bitcoin in the booming year. The interest in Bitcoin raised colossal profits for the superpower nation regardless of the regulations imposed. 

America boosted Bitcoin profits in 2020

Americans realized a gain of $4.1 billion with China next in line earning $1.1 billion in profit. The data collected by Chainalysis indicates that even though China has had the highest raw investors in terms of transaction volumes in Bitcoin, the United States surprisingly surpasses the Asian country. When the entire world had already accumulated funds by the end of the year, the US investors stepped in the most profitable period of all. Bitcoin prices started to increase from $11,471 in October 2020 to $29,111 on the last day of the year. Rates continued to surge exponentially till the month of April 2021. Americans have been stockpiling Bitcoin since the past year and the investors usually indulge in large quantitative transactions.

Economically poor countries thrive in the crypto market

Apart from the US, developing countries that are striving to survive in the traditional economic market are showing development in the cryptocurrency market. A perfect example would be Vietnam. Vietnam’s GDP stood at the 53rd ranking, while on the other hand its Crypto Adoption Index was ranked at the 10th position and ranked 13 in Bitcoin earnings in 2020. Countries like the Czech Republic, Turkey, Spain follow a similar pattern of comparison between their GDP rankings and their Cryptocurrency earnings in the year 2020. 

An Exception to these economically developing countries is India. It has the fifth largest economy with a $2.9 trillion GDP and ranks a low 18th as per the Chainalysis influx. 

Bitcoin could be the next dollar

The recent collapse of Bitcoin prices from an all-time high of $60,000 to $36,000 in the months of May and June did not impact the crypto market positively. However, most of the inexperienced investors failed to realize that the 2020 profitable phase for them would not have been possible in any other way, if not for the Bitcoin profits. 

Cryptocurrency has only started to gain momentum with nations around the world profiteering from the proceeds given by the coin market.

thecoinrepublic.com