Poles earned USD 200 million on Bitcoins in 2020

Chainalysis has just published a report summarizing earnings from trading Bitcoins in individual countries. Poles were doing on average, taking 21st place in the world, but still - if you believe the statistics - we earned over USD 200 million in 2020 alone.

The previous year was undoubtedly perfect for the cryptocurrency market. Valuations rose, Bitcoin broke new records, followed by it too altcoiny, and the headlines of newspapers and media websites were filled with information about the huge increases and the sums that could be earned from them. No wonder that this fueled further increases, as new investors who bought cryptocurrencies for investment purposes were entering the market. Some as a hedge against rising inflation, others simply diversified their portfolios, and still others just wanted to earn fast, not really going into details and not even knowing what it is. blockchain technology. 

In the US, they made the most money on Bitcoin

The year 2020 was partially summed up by Chainalysis, a company that deals with blockchain market research and analysis. The analysis shows that in 2020 Poles earned over USD 200 million on BTC trading. Thanks to this, we are in the 21st place in the world ranking. Australia and India are just ahead of us. But higher up we can also find countries much smaller than ours, such as the Czech Republic, whose inhabitants last year earned USD 281 million on Bitcoin, and even Ukraine with an income of around USD 400 million.

They took the first place without a doubt Americansthe results of which may even shock you. The inhabitants The US recorded profits of as much as USD 4,1 billion. Second in the classification Chinese they earned "only" $ 1,1 billion, but you have to remember that trading cryptocurrencies is very difficult there and most of the profits are now miners, mining and selling BTC. 

The third place went to To the Japanese with a profit of almost USD 900 million, and located behind the Land of the Rising Sun. Great Britain (approx. USD 800 million profit), Russia (approx. USD 600 million profit), Germany (approx. USD 600 million profit), France (approx. USD 600 million profit), Spain (approx. USD 400 million profit) i South Korea (approx. USD 400 million profit).

Investors in almost all countries saw the largest growth at the end of 2020. Then the Americans really started to pull away from the peloton, distancing the rest of the countries. Most of the profits of US residents come from activity on the Coinbase cryptocurrency exchange - we read in the summary of the Chainalysis scientists' report.

Anonymity in the cryptocurrency market? Not completely

However, the data must be approached with a certain distance, because it is not known how it was collected. Chainalysis argues that the estimates come from tracking transaction data from crypto services, but on the other hand, the decentralized nature of the technology makes it impossible to determine where the parties to each transaction are. So it turns out that they had to use data provided by external entities, such as cryptocurrency exchanges or even Official Bitcoin Trader site, or be partially based on estimates - e.g. having data from one of the stock exchanges and knowing its percentage share in the market in individual countries.

The most on the cryptocurrency market happened at the turn of 2020 and 2021. It was then that we heard that, for example, the famous investor Paul Tudor Jones began to speak warmly about Bitcoin. He joined him Elon Musk, initially accepting payments for Tesla cars in BTC, as well as buying cryptocurrency. Thanks to this, the BTC price quadrupled during this period, reaching over 60. USD. In May, when major regulatory restrictions in China began and criticism from Elon Musk began, BTC fell by nearly 50%.