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Americans pocketed $4B in bitcoin profits in 2020, analysis reveals

Mount Equity Group Tokyo, Japan > News > Business > Americans pocketed $4B in bitcoin profits in 2020, analysis reveals

Americans got richer off bitcoin than any other country last year — pocketing $4.1 billion in profits as the price of the volatile cryptocurrency soared to $29,000 from under $10,000, according to a new analysis. 

The US was followed by China, which cashed out some $1.1 billion in profits in 2020, according to data published Monday by blockchain firm Chainalysis. 

Japan came in third with $900 million, followed by the United Kingdom with $800 million and Russia with $600 million

The figures only cover realized gains, meaning that profits still held in cryptocurrencies or in exchange accounts are not included. 

According to Chainalysis, Americans appear to have stepped up their bitcoin investments last year, despite nationwide lockdown orders and record unemployment. US crypto investors then cashed out toward the end of the year when the price of bitcoin has soared more than three times its $9,000 price tag. 

Bitcoin was hovering at about $33,000 Tuesday morning after declining 10 percent in just one week, according to Coindesk data. Coindesk

“US-focused exchanges saw huge inflows in 2020 that appear to have been realized toward the end of the year, which likely accounts for the country’s large gains,” the analysts wrote.

But many