A report tracking dollar gains for 2020 shows that Australia is ranked among the top 20 countries that made gains from Bitcoin last year.
According to the report by Chainalysis, 2020 was a massive year for institutional investors, pushing up the price to new all-time highs. For example, the US made over three times more gains on its investments than China, which placed second in the list.
The data was calculated from US dollars gains and shows US-centred exchanges with huge inflows towards the end of 2020, which could be a factor accounting for the country’s large gains, placing it in top spot.
Australia Places 19th Position
Australia’s favourable outlook on cryptocurrency may be one of the reasons it placed so high on the chart. Australians seem to be excited about Bitcoin, with one poll showing a quarter of employees would accept their remuneration in BTC if possible.
Not only did Binance Australia break records recently, but the government has stated it will not stand in the way of cryptocurrency development in the country. Jane Hume, an Australian Senator and Minister for Superannuation, Financial Services and the Digital Economy, said that people and organisations needed to make their own decisions regarding crypto as long as they follow the law.
Small Countries, Big Gains
Various countries are investing a lot more in Bitcoin relative to traditional economic metrics such as gross domestic product (GDP). Vietnam is one of those countries, with a GDP of $262 billion and categorised as a lower-middle-income country by the World Bank. Yet it has a high level of basic cryptocurrency adoption, ranking 13th in Bitcoin investment gains at $351 million, outperforming countries that rank higher in GDP including Australia, Saudi Arabia and Belgium.
Other countries that displayed a similar phenomenon:
- The Czech Republic ranks 54th in GDP at $251 billion but is 18th in realised Bitcoin investment gains at $281 million
- Turkey ranks 25th in GDP at $761 billion but 16th in realised Bitcoin investment gains at $300 million
- Spain ranks 19th in GDP at $1.4 trillion but 9th in realised Bitcoin gains at $554 million.
We also recently saw El Salvador become the first country to adopt Bitcoin as legal tender. Big plays like this could really factor in the Bitcoin gains list for 2021, could we see other countries challenge the US for top spot?
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