Emerging markets appear to be punching above their weight when it comes to Bitcoin (BTC) investment, offering further evidence of growing worldwide adoption, according to a new report from cryptocurrency analytics firm Chainalysis.
A geographic analysis of realized Bitcoin gains revealed that investors in the United States generated $4.1 billion in returns last year, which is more than three times higher than second-ranked China, Chainalysis said. Although economic stalwart like Japan, the United Kingdom and Germany were near the top of the list, several countries are investing a lot more in Bitcoin relative to traditional economic metrics like gross domestic product, or GDP.
In other words, GDP doesn’t seem to be a strong indicator of who is generating higher return on investment in Bitcoin.
Smaller economies have a big representation in terms of realized Bitcoin gains. Source: Chainalysis.
A standout case is Vietnam, a country that ranks 53rd in GDP but 13th when it comes to realized Bitcoin gains. The East Asian country’s