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Top 3 countries that profited the most out of the Bitcoin bull run

Photo of: Joseph Stone
by Joseph Stone

After the crypto and stock market crash in March 2020 due to the COVID-19 pandemic, the rest of the year was very favorable for cryptos. A study by Chainanalysis has come up with a ranking of the 25 countries that benefited the most from the crypto boom in 2020.

On the principle, the study was conducted on the basis of on-chain data from the main crypto exchanges. To establish a ranking, analysts calculated the differences between the buying and selling price of Bitcoin for each user on the exchanges.

This amount was then distributed according to the amount of internet traffic recorded by country on each exchange. Due to the decentralized nature of crypto transactions, it is difficult to be precise. However, this method does give us an overall idea of how much Bitcoin earnings were distributed by country in 2020.

The ranking shows that the top three countries are the United States with $4.1 billion, followed much further behind by China with $1.1 billion and Japan with $0.9 billion.

This initial information is surprising when you consider that the most significant transaction volumes have historically come from China. This shows that the US, albeit late, has jumped on the crypto bandwagon. Crypto investments really started to take off across the Atlantic in the last quarter of 2020.

Behind this trio are the United Kingdom ($0.8 billion), the Russian Federation ($0.6 billion), Germany ($0.6 billion) and… France with $0.6 billion.

Looking at the top 25, there are some surprises in the sense that some countries that are quite poorly ranked in terms of GDP emerge in this ranking. For example, Vietnam is only 53rd in terms of its GDP but is 13th in this ranking of Bitcoin earnings in 2020. A similar observation can be made with the Czech Republic, 18th in this ranking but 54th in the world with its GDP. Spain and Turkey are also among the surprise guests in this ranking.

Conversely, India, 5th in the world in terms of GDP, is only 18th in terms of Bitcoin earnings in 2020. This ranking reflects the complicated relationship between cryptos and the Indian government, quick to ban them!