2020 will be remembered for a lot of things and one of them will be the fact that Bitcoin finally went mainstream. This was also proven by a new study by Chainanalysis which discovered that Americans made a profit of $4.1 billion in Bitcoin in 2020. This puts the US in the first place when it comes to citizens making profits from Bitcoin in 2020.
The second place goes to China where its citizens made only $1 billion in Bitcoin profits and Japan rounds up the top three. The UK, Russia, Germany, France, and Spain, all registered profits of over half a billion in BTC.
The study mentions that since the platform is decentralized, it isn’t possible to find out exactly where the parties of bitcoin transactions are located. This meant that they’ve relied on estimates by applying transaction data from the services that Chainanalysis tracks.
According to the data, Americans put more money in Bitcoin than in any other year which the main cause for this being the COVID-19 pandemic. The biggest gains were registered in all countries after the price of BTC grew over $11,000 in October and almost $30,000 in December.