Don’t miss a single bonus
Subscribe to our newsletter and find out first about the safest casinos and games with the best bonuses
by Ralph Trayfalgar Updated:
Even outside of its implementations in the gambling industry, investing in cryptocurrency has always been a gamble in and of itself.
Because they are untethered from any central authority, cryptocurrencies like Bitcoin and Ethereum have become more like highly volatile speculative investment vehicles rather than any form of actual currency, as their name would suggest.
Regardless, investors who took the risk and gambled on cryptocurrency in 2021 were rewarded handsomely for their gamble with large payouts.
One of the most recent reports from Chainalysis has delved into what the analytics firm thinks to be at least $200 billion in profits earned by investors from their cryptocurrency investments.
These figures are not conclusive, and they do not take into account any possible losses incurred by investors, nor do they take into account the tax that they must pay in each of the several jurisdictions in which they operate. To appropriately analyze benefits vs prospective losses and remove tax money, Chainalysis admitted that more work must be done on individual wallets and their performance criteria.
Nonetheless, the crypto guide shows that figures are a big improvement above the figures for 2020, when crypto investors made a total of $32.5 billion in profits. An explanation for part of this process may be found in the quick growth in the value of the most popular cryptocurrencies, such as Bitcoin and Ethereum, which increased dramatically in response to a number of significant happenings.
Tesla's initial commitment to the sector sent the price of cryptocurrencies soaring, but even before that, PayPal, Visa, and MasterCard were among the prominent vendors to confirm that they would look to enable support for cryptocurrencies in the United States and elsewhere. Chainanalysis found that crypto investors in the United States made $47 billion in profits, accounting for 29 percent of the entire amount.
It's important to note that blockchain transactional data does not include location information; nonetheless, Chainalysis has been able to locate the quantities by analyzing its own web traffic statistics.
Japan, the United Kingdom, and Germany were among the other strong markets in 2021 according to Chainanalysis’ data.
Unlike Germany, which is regarded to be one of the most crypto-friendly countries in the world, China has entirely overhauled its stance on crypto, outlawing initiatives that have anything to do with private coins or cryptocurrency mining.
According to Chainalysis, about 93 percent of the profits were achieved on Bitcoin and Ethereum, demonstrating that the old guard of crypto continues to dominate the market. The increasing interest in DeFi has undoubtedly been beneficial, since Ethereum has discovered a new method to appeal to customers as a result of the increased interest.