According to estimates from Chainalysis, American traders made $4.1 billion in earnings trading Bitcoin last year, three times more than the next biggest country – China.
With $1.1 billion in profits, China came in second, followed by Japan, the United Kingdom, Russia, and Germany. Vietnam, Turkey, and the Czech Republic, all small emerging-market countries, were all among the top 25.
Although the decentralised nature of the technology makes it hard to determine where the parties of any given deal are situated, Chainalysis claims their estimations are based on tracking transaction data from crypto services.
The bull market raced through the first months of 2021, with prices jumping beyond $60,000, only to tumble in May when China’s regulatory oversight tightened and tweets from Tesla’s Elon Musk. On Tuesday, Bitcoin fell 4% to hover around $33,000.
