Indians only earned $ 241 million from Bitcoin in 2020 while Americans earned over $ 4 billion, Chinese over $ 1 billion

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U.S. investors were able to earn around $ 4.1 billion in Bitcoin gains made in 2020 – more than three times the next highest country, China. (Image: Reuters)

Investors who bet on the start of the Bitcoin boom last year have raked in the moolah. The influx of institutional dollars into Bitcoin from prominent hedge fund managers such as Paul Tudor Jones – who allegedly compared investing in Bitcoin to early investing in Apple and Google – and companies such as Tesla, MicroStrategy, Square, etc., has sparked a gradual movement for crypto in the mainstream financial world. As a result, US investors were able to earn around $ 4.1 billion in Bitcoin gains made in 2020 – more than three times the second highest country, China, according to a new report from software company Chainalysis ranking the 25 first countries with the most significant gains. Chinese investors made $ 1.1 billion in Bitcoin profits over the year, while India ranked “surprisingly low,” likely due to government regulatory concerns over cryptocurrencies.

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“With over a billion citizens, India is the second most populous country in the world and has the fifth largest economy with a GDP of $ 2.9 trillion. However, the country ranks surprisingly low at 18th in Bitcoin investment gains at $ 241 million. This may be the result of the Indian government’s historic hostility to cryptocurrency, ”the report notes.

“India needs to focus on creating long-term wealth. We have had several years of uncertainty and almost two years of crypto ban. Uncertainty prevents people from making long-term career and investment decisions. If we have enabling regulations that allow the wealth and developer ecosystem to come together, we’ll be in the top three in no time. In the United States, for example, people had the opportunity to invest during the bear market of 2018 and 2019, ”Rameesh Kailasam, CEO of IndiaTech.org, an industry association representing start-ups, told The Singapore Time Online. Mainstream Internet ups, unicorns and Indian investors. .

Bitcoin experienced significant growth in 2020. Its price increased 3.8 times, from $ 7,195 on January 1, 2020 to $ 27,424 on December 30, 2020, while its market capitalization also jumped 3.9 times. from $ 130 billion to $ 509 billion in 12 months, according to CoinGecko data. “Indian investors are competing with their hands tied behind their backs. The RBI, the banks, the lack of a thriving analytics ecosystem, all of this hinders trade. Maybe one day the RBI will really realize how they dictated to miss the bus? Mathew Chacko, partner at law firm Spice Route Legal, told The Singapore Time Online.

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To arrive at the data, New York-based research firm Chainalysis said it could “produce a good estimate using transaction data from services tracked by Chainalysis.” He measured the on-chain flows to each cryptocurrency exchange and approximated the total US dollar gains made on Bitcoin by measuring the price differences when it was taken off the platform versus when it was taken off the platform. was received. He then distributed those gains (or losses) by country based on the share of web traffic that each country represents on each exchange’s website. This gave Chainalysis “a reasonable estimate” of the gains made by country, although it did not account for gains on assets that had not yet been removed from an exchange.

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The suggestions / recommendations regarding cryptocurrencies in this story are from the respective commentator. The Singapore Time Online assumes no responsibility for their advice. Please consult your financial advisor before trading / investing in cryptocurrencies.

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