Bitcoin has taken investors on a roller-coaster ride this year, but powerful gains in 2020 appeared to have rewarded a lot of investors — notably in the U.S.

Data from blockchain analytic group Chainalysis reveals that U.S. investors reaped an estimated $4.1 billion in realized gains on bitcoin
in 2020. Those investors beat rivals in other countries by miles, with only China coming anywhere close at $1.1 billion.

Up roughly 32% so far in 2021, bitcoin surged nearly 300% in 2020 — the best gain for the young alternative asset since an eye-popping rally of 1300% in 2017. In a blog post laying out the investment data, analysts at Chainalysis offered up one explanation as to why U.S. investors streaked ahead.

Most investors across the globe saw the biggest gains toward the end of the year, which makes sense as bitcoin prices surged in mid-October and accelerated into mid-December. Chainalysis has previously determined that long-term investors sold their cryptos to…

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