Small countries are punching above their weight in terms of Bitcoin gains
In the world of finance, small countries are often overlooked. But if you look at a country’s Bitcoin trading volume — the number of bitcoins traded over the past 24 hours — you can see that smaller nations are actually making big gains.
While some countries see Bitcoin as a serious disruptor, others see it as an opportunity for growth. Small countries such as the Czech Republic and Hong Kong, though, are taking the technology seriously and are already seeing its benefits.
In the past few weeks, a few small countries have been grabbing headlines for their phenomenal Bitcoin gains. In March, the Republic of Seychelles became the first non-domestic country to issue its own sovereign digital coin. Laos came out with its own coin, the Lao kip, in November.. Read more about bitcoin price and let us know what you think.
According to a new report from crypto currency analysis company Chainalysis, emerging markets appear to be gaining ground when it comes to investing in bitcoin (BTC), further evidence of bitcoin’s growing acceptance around the world. A geographic analysis of bitcoin revenue showed that investors in the United States generated $4.1 billion in revenue last year, more than three times as much as China, which ranked second, according to Chainalysis. Although economic powerhouses like Japan, the United Kingdom and Germany top the list, several countries invest far more in bitcoin than traditional economic measures like gross domestic product. In other words: GDP does not seem to be a strong indicator of who gets the best return from bitcoin investments. Small economies are strongly represented in terms of realized Bitcoin revenue. Source: Chain Analysis Take Vietnam as an example, a country that ranks 53rd in GDP but 13th in the number of profits made in bitcoins. According to the World Bank, the East Asian country’s dramatic transition from a planned economy to market-based reforms has reduced the poverty rate from more than 70% to less than 6% since 2002. Chainalysis also looked at the Czech Republic, Turkey and Spain, which rank 54th, 25th and 19th respectively in terms of GDP, but are all in the top 20 in terms of bitcoin revenue. The 2020-2021 bitcoin bull market began last October, when the price rose from around $11,000 on December 31 to over $29,000. The price of bitcoin peaked around $65,000 in April, followed by a sharp correction. Chainalysis was able to extrapolate country-specific data by analyzing the web traffic of various crypto-currency exchanges based on their location. Cointelegraph asked the analyst firm how it could explain the possible presence of VPN use by stock market users. While Chainalysis acknowledges these limitations, the company stands behind its in-depth analysis of transaction data: We recognize that there are clear limitations to the use of web traffic data, including the use of VPNs and other products that may mask the geographic origin of web activity. However, the data that determines the trends we examine include millions of transactions. Thus, for this activity to have a significant effect on our data, it must be very widespread. The report reiterates what many cryptocurrency enthusiasts have been saying all along: Bitcoin gives investors in emerging markets unlimited access to a high-yielding asset. This is particularly important for regions with high inflation and stricter government controls on bank deposits and withdrawals.The other night, the Center for Responsive Politics published a list of the top five countries that have gained the most net foreign investment (NFI) in bitcoin companies. The list was dominated by small countries, with Iceland topping the list with a $4.8 billion increase. What’s more, several of the countries on the list were in the bottom quintile of gross domestic product (GDP) per capita globally—and one of them, Serbia, is as small as it sounds: just over 7.5 million people, and a GDP per capita of just $14,709.. Read more about bitcoin market cap compared to companies and let us know what you think.
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