According to a report from analytics firm Chainalysis, Bitcoin investors in the United States managed to accumulate billions of Dollars of Profit back in 2020.
Global Profit Statistics for Bitcoin
Chainalysis has proposed that this massive amount of profit gained by Bitcoin investors in the United States mainly has to do with large amounts of Bitcoin movement from Crypto Exchange Coinbase. American Bitcoin Investors came out on the top of the list of the most amount of profit made in 2020 using Bitcoin, with China coming in 2nd Place.
U.S-Based Bitcoin investors made more than four times the profit of nearly $4.1Billiion compared to the Chinese, who made a profit of around $1.1Billion. Other countries such as Japan, the United Kingdom, Russia, Germany, and others made less than a Billion Dollars in Profit using Bitcoin. Considering the fact that they weren’t so far away from the Top 2 shows the rise in popularity of the cryptocurrency in the market and increase in adoption rates.
Statistics from Exchanges
Moving further into the analysis from Chainalysis, it revealed more details about the flow of Bitcoin in and out of cryptocurrency exchanges. The profit from these exchanges was calculated in US Dollars, considering the amount of cryptocurrency that was withdrawn against the amount that was deposited. Chainalysis then proceeded to separate the outcomes and results according to separate countries, also counting in the Web traffic of every exchange. Although the results are not fully accurate, as they only count in data of the withdrawal amounts, the resulting data is still very viable and gives a strong depiction of what the profit numbers looked like for Bitcoin globally. The report gives a very clear understanding of the profit numbers that Bitcoin investors managed to stack up from last year.
According to data gathered from sources, Bitcoin started the year 2020 with a price of around $7000 but then saw a huge downfall in price as the COVID-19 pandemic came into full swing, dropping Bitcoin to around $4,200, as reported in March of last year. Gaining popularity and adoption rates, the price skyrocketed to unbelievable levels and managed to make a record price of $29,500 as 2020 ended. Using just this detail, we can imagine the amount of profit that patient Bitcoin investors had managed to make. Coinbase exchange quickly became the most popular exchange for Bitcoin, as it experienced huge amounts of inflow of Bitcoin.