The year 2020 can be remembered as the year Bitcoin went mainstream.
A new study by Chainanalysis shows that Americans bagged a whopping $ 4.1 billion in Bitcoin profits last year – more than any other country.
China was second with more than $ 1 billion in Bitcoin earnings, closely followed by Japan and the United Kingdom. Russia, Germany, France and Spain each benefited about half a billion in Bitcoin.
The study, published on Monday, notes that the decentralized nature of the platform makes it impossible to know for sure where the parties to Bitcoin transactions are. Nevertheless, the researchers were able to make a good estimate based on the transaction data from the services Chain analysis Traces. This includes deposits, withdrawals, and web traffic from various cryptocurrency exchanges.
The data showed that despite blocked orders and high unemployment, Americans invested more money in Bitcoin in 2020 than in previous years, partly due to the pandemic,
Investors in all of the countries covered in the report saw the biggest gains after Bitcoin’s price rose from more than $ 11,000 in mid-October to just under $ 30,000 by the end of December. At that point, many American investors had sold their crypto assets. But the price climbed steadily through April, hitting an all-time high of $ 65,000 before falling again.
Bitcoin price hovered near $ 30,000 on Tuesday. Its decline has been attributed to the government’s ability to reclaim approximately $ 4.4 million worth of bitcoins ransom Paid to hackers who attacked the Colonial Pipeline.