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E11EVEN Hotel and Residences co-founder Marc Roberts accepted Bitcoin as a payment method, adding that he was “very encouraged” by the future.
The year 2020 will perhaps be remembered as the year when bitcoin went mainstream.
A new study from Chainanalysis shows Americans pocketed $ 4.1 billion in bitcoin profits last year, more than any other country.
Financial data analysis graph showing global market trends. Selective focus. Horizontal composition with copy space. (iStock)
China was second, with more than $ 1 billion in bitcoin profits, followed closely by Japan and the UK. Russia, Germany, France and Spain have each benefited from around half a billion bitcoins.
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Released on Monday, the study notes that it is impossible to know for sure where parts of bitcoin transactions are located due to the decentralized nature of the platform. Still, the researchers were able to get a good estimate using transaction data from the services Chainanalysis tracks. This includes deposits, withdrawals, and web traffic from various cryptocurrency exchanges.
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Data showed that despite foreclosure orders and high unemployment in 2020, Americans invested more money in bitcoin than in previous years in part because of the pandemic,
Investors from all countries tracked in the report saw the biggest gains after the price of Bitcoin fell from over $ 11,000 in mid-October to just under $ 30,000 in late December. By this time, many American investors had sold their crypto assets. But the price continued to climb steadily until April, when it hit an all-time high of $ 65,000 before falling again.
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On Tuesday, the price of bitcoin hovered around $ 30,000. Its decline was blamed on the government’s ability to recover some $ 4.4 million in bitcoin ransom paid to hackers who attacked the Colonial Pipeline.
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