Americans made a cool $4 billion in Bitcoin in 2020
Bitcoin saw huge leaps in 2020 and some people made a bunch of money.
It’s no secret that there have been some big winners (and losers) in the Bitcoin space. In 2020, the cryptocurrency skyrocketed from around $6,000 at the beginning of the year to nearly $30,000 in December. But when it comes to breaking it down by country, who did the best?
Well according to data from Chainalysis, US Bitcoin supporters came out on top, followed by China and Japan. In the US, an estimated $4.1 billion was made off of crypto exchanges. In China, the number is quite lower, at $1.1 billion. In third, people in Japan right under a billion, at $900 million.
So, with Bitcoin being decentralized using anonymous wallets, how did Chainalysis come to this conclusion? Essentially, they used on-chain flows from different exchanges to come up with a dollar amount and then used web traffic flow from each of the countries to come up with a number.
It’s important to note these numbers only account for Bitcoin withdrawn from these exchanges, Bitcoin that is still held in these places isn’t accounting for, meaning the numbers are most likely quite higher across the board. Another important note is these numbers are based on US-based exchanges, so keep that in mind when looking at the data.
It will be interesting to see not only what 2021 holds, but also the future, as things like Ethereum are starting to be highlighted more as its blockchain is more flexible than Bitcoin, allowing for more applications and coins to be built off the ERC20 protocol.
Build software without devs. Blazingly fast. Trusted by 100,000+ teams worldwide. It's so easy, anyone can use it. Start building now.
"Just Write Your Damn Book Already” is a printable guidebook that helps you turn ideas into manuscripts. It’s affordable and perfect for aspiring authors
- El Salvador is going all-in on Bitcoin by making it a legal currency
- Tweets from Elon Musk send Bitcoin into a death spiral
- Norton 360 is adding a crypto miner to its antivirus software because why the hell not
- Coinbase users can now buy crypto with their PayPal account