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America Took $4 Billion in Bitcoin Profits in 2020

America Took $4 Billion in Bitcoin Profits in 2020
  • The USA took over $4.1 billion in Bitcoin profits in 2020.
  • Next in line is China with over $1.1 billion in Bitcoin profits.
  • High employment rates led to Americans adopting crypto trading.

The United States of America made the most profits from Bitcoin in 2020. Specifically, the profits amount to up to $4.1 billion. In comparison, China came in second place with $1.1 billion in Bitcoin profits in 2020. 

It seems that while the pandemic hit Americans the hardest, so did the Bitcoin mania. Apparently, the combination of rising unemployment rates along with being forced into a lockdown for months led to

Additionally, the stock exchange was having a hard time with the pandemic as well. Moreover, the Game Stop incident got many traders to question the credibility of the stock exchange. Therefore, many traders turned their interest from traditional investment alternatives to try their hand at Bitcoin and crypto trading.

From the data gathered by Chainalysis, we see that most countries have flourished in the crypto trading scene. Since Bitcoin’s massive bull run in late 2020, most traders took great profits over the course of the year 2020.

2020 US bitcoin gains
Source: Chainalysis

The USA took the lead with over $4.1 billion in Bitcoin profits. Next came China with over $1.1 billion. Meanwhile, Japan took $900 million, The UK got $800 million, and Russia made $600 million. Many other countries also came out with extremely high gains after these top 5 leading nations.

Currently, the price of Bitcoin is at $36,906.31. Though it did fall in the past month, it is presently showing bullish signs. Big-name companies like MicroStrategy are still continually investing in Bitcoin. Furthermore, Bitcoin is gaining more recognition as a valid asset worldwide.

For instance, Miami held a Bitcoin 2021 Conference a few days ago. More so, El Salvador told the attendees that it is working to make Bitcoin a legal tender. This move led more countries like Paraguay and Panama to adopt Bitcoin as well.

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.