India Ranked "Surprisingly Low" in Bitcoin Investment Gains

The meteoric rise of Bitcoin has minted scores of crypto millionaires, and the report suggests that US investors have benefited the most from the 2020 boom, followed by Chinese traders who gained $1.1 billion. While India, which has the fifth-largest economy with a GDP of $2.9 trillion, ranked “a surprisingly low” 18th in Bitcoin investment gains at $241 million.

The report noted that a number of countries, including Vietnam, appeared to be punching above their weight in Bitcoin investment as compared to their rankings in traditional economic metrics. Highlighting Vietnams 53rd rank in GDP at $262 billion, the report suggested that the Southeast Asian nation ranked 13th in Bitcoin investment gains, outperforming countries that rank higher in traditional economic measures such as Australia, Saudi Arabia, and Belgium.

On the other hand, India, which has the fifth-largest economy with a GDP of $2.9 trillion, ranked “a surprisingly low” 18th in Bitcoin investment gains at $241 million, according to Chainalysis. “This may be a result of the Indian governments historical unfriendliness to cryptocurrency,” the company said, citing a Reuters report that suggested the Indian government was planning to impose a blanket ban on cryptocurrency.

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