The blockchain company Chainalysis made an estimate of the profits obtained from Bitcoin transactions in 2020 according to the nationality of the investors.
The company specialized in blockchain Chainalysis determined which were the countries that benefited the most from Bitcoin transactions during 2020 by analyzing the origin of investors. The study revealed that the rankings in traditional economic metrics do not necessarily have their correlate, neither do GDP estimates nor in the flow of buying and selling cryptocurrencies.
“This may seem surprising considering that China has historically had by far the largest volume of raw cryptocurrency transactions, but as we have covered previously, US-focused exchanges saw large inflows in 2020 that appear to have carried out towards the end of the year, which probably explains the great profits of the country “, they detail in Chainalysis.
Vietnam, for its part, ranked 13th in Bitcoin investment earnings with 351 million outperforming countries that rank higher on traditional economic measures, such as Australia, Saudi Arabia, and Belgium. Although this country has had extraordinary economic growth in the last 20 years, it is ranked 53rd in GDP with 262,000 million dollars.
On the other hand, the Czech Republic ranks 54th in GDP with $251 billion, but 18th in investment gains made in Bitcoin with $281 million. Spain ranks 19th in GDP with $1.4 trillion, but ninth in Bitcoin’s realized earnings with 554 million.
In turn, Turkey ranks 25th in GDP with 761 billion, but 16th in realized Bitcoin investment earnings with 300 million. India, the second most populous country in the world and the fifth largest economy with a GDP of 2.9 trillion, ranks 18th in Bitcoin investment earnings at 241 million.
“Geographic analysis in cryptocurrencies is difficult due to the decentralized nature of the technology. It is impossible to know with certainty where the parties to an individual transaction are located. However, we can produce a good estimate using transaction data, ”they explain in Chainalysis.