Chainalysis: Russia and Ukraine among top-10 countries by bitcoin earnings in 2020

Analysts at Chainalysis assessed the profits earned by investors in different countries from Bitcoin in 2020.

The United States led the ranking of countries with the highest cryptocurrency profits by a wide margin, with residents earning more than $4 billion from Bitcoin investments.

As prices rose, Bitcoin holders around the world were selling coins to new investors. Analysts suggested that residents of the United States traded the cryptocurrency at higher prices.

“Crypto holders in almost every country recorded the largest gains by year-end. It was then that American investors pulled away from the pack, and most of their profits came from activity on Coinbase,” Chainalysis said.

China, Japan, the United Kingdom, and Russia rounded out the top five. According to Chainalysis, Russians earned $600 million from cryptocurrency in 2020.

Ukraine ranked tenth — Ukrainian investors collectively earned around $400 million from Bitcoin profits last year.

Analysts noted that some of the countries in the top-25 by total Bitcoin profits are not leaders by traditional economic indicators, such as GDP.

To compile the ranking, Chainalysis calculated the dollar difference between Bitcoin deposits on exchanges and withdrawals, and also analysed traffic by country.

Earlier in 2020, the company’s specialists studied the cryptocurrency adoption index across countries.

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