In the Asia region, Vietnam is the 4th country in terms of cryptocurrency profits, just behind China, Japan, and South Korea.
In a recent report, Chainalysis has published a list of the 25 most profitable countries from Bitcoin growth in 2020.
Accordingly, US investors have made a profit of up to $ 4.1 billion by investing in this world’s number 1 “virtual currency”. Right behind the US is China with 1.1 billion USD. The remaining positions in the top 5 include Japan ($0.9 billion), UK ($0.8 billion) and Russia ($0.6 billion). Notably, this list also includes the presence of Vietnam. According to Chainalysis estimates, Vietnamese investors have earned $0.4 billion in 2020 by investing in Bitcoin. On a global scale, Vietnam ranks 13th in the world in terms of Bitcoin-related profitability. Vietnam is also the 4th country in terms of cryptocurrency profits, just behind China, Japan, and South Korea. Ranking of the 25 most profitable countries from Bitcoin in 2020. According to Chainalysis, due to the decentralized nature of the technology, it is very difficult to find out where the parties are in a cryptocurrency transaction. The published results were estimated using transaction data from services that Chainalysis tracks. In its analysis, Chainalysis measures the total volume of Bitcoin transactions at each crypto exchange. They estimate the amount earned by the difference in the price of Bitcoin at 2 times of entering and leaving the exchange. Chainalysis then distributes this profit based on each country’s share of web traffic on each exchange. By doing this, Chainalysis has produced a report on how much return investors in each country will make with Bitcoin in 2020. Even so, Chainalysis’s methodology is approximate and not yet available. regardless of the profits from the digital assets still in the exchanges. Vietnam currently ranks 10th on the Global Cryptocurrency Acceptance Index. According to Chainalysis, Vietnam is a perfect example of a country where the level of participation in cryptocurrency transactions far exceeds the ranking of the economy. Although only ranked 53rd in GDP with about $262 billion and ranked as a low-middle-income country, Vietnam still has a fairly high level of acceptance for cryptocurrency transactions. Accordingly, Vietnam ranks 10th out of 154 countries in the Global Cryptocurrency Acceptance Index. This is one of the rare indexes where Vietnam has the same rank as developed countries such as the US, China or South Africa, even more than many other developed countries such as the UK, France, Germany, and Spain. , Japan, Korea,… With such popularity, Chainalysis is not surprised that Vietnamese investors ranked 13th in the world in terms of income earned from Bitcoin in 2020. Many Vietnamese Bitcoin investors have won big in 2020. Similar to Vietnam, this phenomenon also occurs in a number of other countries such as the Czech Republic (54th in GDP, 18th in income from Bitcoin), Turkey (25th in GDP, 16th in revenue). Bitcoin income) and Spain (19th in GDP, 9th in Bitcoin income). On the other hand, despite having the 4th largest economy with the 2nd largest population in the world, India is being left behind in the crypto economy. In 2020, the country’s investors only made 241 million USD from the increase in the price of Bitcoin, ranked 18th in the world. This is because the Indian government does not seem to be very friendly with cryptocurrencies. India used to ban all cryptocurrency transactions in the country, until the Supreme Court of India lifted the ban in March 2020. Although many Vietnamese investors are making big profits from cryptocurrencies. Having said that, investing in Bitcoin or other cryptocurrencies is a very risky investment. Therefore, investors need to be careful and learn carefully before deciding to enter this harsh market.
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