France Named ‘Best Bitcoin Trading Nation’ in New Study; India Shows Poor Growth

A recent study looking at the most profitable bitcoin traders by country, found that Switzerland excelled in its profitability metrics, while France is ranked as the ‘best bitcoin trading nation.’

Conducted by Invezz, an online investing news and education platform, the study leveraged statistics from multiple databases, including Chainalysis, Worldometers, and Triple A, allowing for Invezz to assign a ‘score’ to each of the 25 countries assessed in terms of the most profitable bitcoin trading by country.

Collecting the datasets

The scores assigned to each country were based on three factors, ranking from 1-24.

  • First, the amount of bitcoin gains realized in that country, per capita. In other words, it was adjusted to account for population;
  • Second, the percentage of citizens in every country who invest in crypto, with data coming from TripleA and Worldometers to ascertain where adoption is highest; and
  • Third, the bitcoin gains per each investor.

The study also explicitly stated it excluded China and Taiwan, as it was not confident enough in the available data, narrowing down the study to 23 countries.

Once the three ranks are collected, they are then aggregated, whereby the country with the lowest aggregate score was ranked first, with the second-lowest score ranking second, and so on.

And the winner is…

Source: Invezz

Ranked 12th in the percentage of the country invested in crypto (3.3%), France takes the lead as the world’s best Bitcoin trading nation, according to the study. The country also was found to have an “impressive third and eighth respectively in Bitcoin gains per capita and Bitcoin gains per investor – at $275 and $13, respectively.”

While the study was able to demonstrate many countries placing well in certain categories, France was the only country to be “above average” in all three metrics, helping it achieve the best aggregate rank and claim to the title of best Bitcoin trading nation.

“[France] ranked 12th in the percentage of the country invested in crypto (3.3%), but an impressive third and eighth respectively in bitcoin gains per capita and bitcoin gains per investor, at $275 and $13 respectively,” th report explains. “While a lot of other countries placed well in certain categories, France was the only country to be above average in all three metrics.”

Europe was also impressive, serving as the dominant continent in its claiming of six of the top seven spots. Specifically, the study found that European traders earn an average of $453 per trader, while North Americans capture only $240 per trader – an 89% more gain increase than the United States and Canada, combined.

Switzerland rises in crypto ranks

With an estimated 321 blockchain-enabled financial services startups, Switzerland is quickly rising in the crypto ranks due to its highly favorable legal framework surrounding digital assets.

The study highlighted Switzerland hosting the most profitable traders at $1,268 of gains per investor, with 1.8% of the country invested in crypto – knocking the country down to a sixth-place finish.

“Switzerland has the most profitable traders at $1,268 of gains per investor, however with only 1.8% of the country invested in crypto, they get knocked down to a sixth-place finish. The Czech Republic is similar,” the invezz.com study details. But both Switzerland and the Czech Republic are much lower on the list than France for specific reasons. “Switzerland and Czech Republic ranking 23rd and 21st respectively, out of 24 countries, for the percentage of population invested in crypto (1.8% and 2.2%), [it] ultimately kills their chances,” the report says.

According to another study by Coincub, Switzerland has also shown considerable improvement, rising eight positions to number five in Q1 International Crypto Ranking, 2022.

“The Canton City of Lugano now recognizes Bitcoin, Tether, and Lugano’s own LVGA Points token as legal tender,” the study noted.

Who is lagging on the list?

After France (1st), Czech Republic (2nd), and Belgium (3rd) – Canda, Netherlands, Switzerland, Germany, Australia, United Kingdom, United States, Spain, Japan, Ukraine, South Korea, and Italy follow with their respective rankings.

Source: Coincub

However, on Coincub’s crypto-friendly list, Germany had bagged the top spot among global players in the first quarter. However, France managed the eighth spot on the particular list. 

On both lists, however, India seems to be suffering lately, standing at #24 on both Bitcoin Gains Per Capita and Bitcoin Gains Per Investor on the data collected by Invezz – while Coincub has placed the country at #19:

“India, on the other hand, has huge popular enthusiasm for crypto and a booming blockchain community, moving it up to number 19, but suffers from an indecisive government policy and lack of direction,” Coincub noted.

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