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Cryptocurrency Gains by Southeast Asian Country Ranking in 2021

Cryptocurrency Gains by Southeast Asian Country Ranking in 2021
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Bitcoin and Ethereum were able to carry on the good momentum they had begun at the end of 2020 and reach new all-time highs in 2021, making it another strong year for cryptocurrencies. Who profited most from the rise in bitcoin prices?

Investors worldwide realized overall gains of $162.7 billion in 2021, compared to just $32.5 billion in 2020, across all cryptocurrencies Chainalysis tracks.

With an estimated $47.0 billion in realized cryptocurrency gains, the United States leads by a significant margin. It is followed by the UK ($8.16 billion), Germany ($5.82 billion), Japan ($5.51 billion), and China ($5.06 billion).

Nevertheless, similar to previous year, we observe a large number of nations whose combined cryptocurrency investment performance appears to be surpassing their ranks in conventional metrics of economic growth.

- Turkey ranks 11th in GDP at $2.7 trillion but sixth in realized cryptocurrency gains at $4.6 billion

- Vietnam ranks 25th in GDP at $1.1 trillion but 16th in realized cryptocurrency gains at $2.7 billion

- Ukraine ranks 40th in GDP at $576 billion but 13th in realized cryptocurrency gains at $2.8 billion

- The Czech Republic ranks 47th in GDP at $460 billion but 19th in realized cryptocurrency gains at $1.9 billion

- Venezuela ranks 78th in GDP at $144 billion but 33rd in realized cryptocurrency gains at $1.1 billion

According to Chainalysis, Vietnam tops Southeast Asian nations in terms of cryptocurrency gains, and this is the list of other nations.

- Singapore: $1.78 billion
- Philippines: $1.32 billion
- Thailand: $1.19 billion
- Malaysia: $811 million
- Indonesia: $731 million

Southeast Asia is becoming a well-liked location for crypto entrepreneurs and investors looking for high-growth firms in the sector. It is a diversified region with a growing population and rising revenue.

According to recent research by venture capital company White Star Capital, Southeast Asia is currently home to more than 600 crypto or blockchain businesses.

According to the report, startups in the crypto, blockchain, and web3 industries have contributed significantly to the recent growth in venture capital funding across the region. These startups have raised nearly $1 billion in funding so far in 2022 and are expected to surpass the $1.45 billion total raised in 2021.

The region's thriving web3 scene attracts investors from all over the world, with those from the United States, China, and Singapore being among of the most active ones, the survey reveals.

Southeast Asia's adoption of cryptocurrencies averaged 3.56 percent in 2021, but Singapore stood out because, according to White Star Capital, nearly 10 percent of its citizens now possess cryptocurrencies, surpassing the U.S.'s 8.3 percent figure. Vietnam and Thailand were just behind the United States in terms of DeFi adoption in 2021, according to Chainalysis.

Blockchain technologies, such as crypto-assets and non-fungible tokens (NFTs), are nonetheless positioned to reshape Southeast Asia's fintech industry, even in the wake of the most recent collapse of the global cryptocurrency market.

As of now, regional governments have shown a desire to take advantage of these developments, which have paved the way for the formation of numerous blockchain platforms with attractive funding as well as additional technological advancement.

 

Source: Chainanalysis.com, TechCrunch.com, TheDiplomat.com

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