According to recent research that looked at the most lucrative bitcoin traders by country, Switzerland placed first in terms of profitability, while France was named the ‘best bitcoin trading nation.’
The study, conducted by Invezz, online investment news and education platform, used data from various databases, including Chainalysis, Worldometers, and Triple-A, to award a score to each of the 25 nations evaluated in terms of the most lucrative bitcoin trading by country.
France earned the title
Each country was given a score based on three variables, ranging from 1 to 24. First is the number of bitcoin profits realized per capita in that country. To put it another way, it was recalculated to account for the population.
Second, the proportion of residents in each nation who invest in cryptocurrency, using data from TripleA and Worldometers to determine where adoption is strongest; and third, individual bitcoin gains.
The report also omitted China and Taiwan since the available data was insufficient, limiting the analysis to 23 nations.
The three ranks are then combined, and the nation with the lowest aggregate score is ranked first, followed by the country with the second-lowest score, and so on.
According to the survey, France is the best Bitcoin trading nation globally, ranking 12th in terms of the proportion of the country invested in crypto (3.3 percent). “Impressive third and eighth respectively in Bitcoin profits per capita and Bitcoin gains per investor — at $275 and $13, respectively,” according to the report.
While several nations performed well in some areas, France was the only country to perform “above average” in all three, allowing it to gain the highest overall ranking and claim the title of top Bitcoin trading nation.
Germany ranked #1 among worldwide participants on Coincub’s crypto-friendly ranking in the first quarter. On the other hand, France came in ninth place on this ranking.
However, India appears to be suffering recently on both rankings, ranking #24 on both Bitcoin Gains Per Capita and Bitcoin Gains Per Investor according to Invezz data, and #19 on Coincub statistics.