The French are the champions of Bitcoin trading, according to a study

A recent study of Bitcoin investor activity in 23 countries found France to be the “best country in terms of Bitcoin trading”.

Conducted by Invezz, a digital investment news and education platform, the study drew on statistics from several databases, including Chainalysis, Worldometers and Triple A. Next, Invezz attributed a “score” to each of the 25 countries assessed, based on the profitability of their Bitcoin trading activities.

Study criteria

The scores (from 1 to 24) assigned to the different countries were based on three criteria:

  • First of all, the amount of bitcoin earnings per capita. To obtain this figure, the authors of the study divided the total amount of BTC earnings by the number of inhabitants of each of the countries evaluated.
  • Secondly, the percentage of citizens who invest in crypto. In order to determine which countries have higher crypto adoption, the study authors relied on data from TripleA and Worldometers.
  • Thirdlythe amount of earnings in BTC per investor.

The study authors said they excluded China and Taiwan because they weren’t sure enough about the available data, which limited the study to 23 countries.

After collecting the data, the researchers combined them. The country with the lowest overall score was ranked first, the one with the second lowest score was ranked second, and so on.

France: best country in terms of Bitcoin trading

Source: Invezz

In terms of percentage of crypto investors (3.3%), France comes in 12th position (3.3%). However, it tops the ranking of the best Bitcoin trading countries. Additionally, the Hexagon ranks third in Bitcoin earnings per capita ($13) and eighth in BTC earnings per investor ($275).

The study shows that many countries have achieved good performance when taking into account certain criteria. France is, however, the only country to be “above average” on all three criteria, which is why it was named “best Bitcoin trading country”.

“[La France] ranked 12th in terms of percentage of crypto investors (3.3%), but third and eighth respectively in terms of BTC earnings per investor and per capita,” the report explains. “While many other countries ranked well in some categories, France was the only country to score above average on all three criteria.”

Six European countries have won the first seven places in the ranking, which demonstrates the undeniable dominance of the old continent. Indeed, the study reveals that European traders earn $453 on average, while North Americans only earn $240. This means that the profitability of Bitcoin trading in Europe exceeds the combined profitability of the United States and Canada by 89%.

Switzerland climbs the ladder

With around 321 blockchain-based financial services startups, Switzerland is becoming an increasingly important part of the crypto market. This, in particular because of its very favorable legal framework for digital assets.

According to the study, Swiss traders earn an average of $1,268, taking the top spot in terms of profitability. However, only 1.8% of Swiss invest in crypto, something that has dropped the country to sixth position in the global ranking.

“The Czech Republic had similar results. That said, for specific reasons, Switzerland and the Czech Republic are far behind France… In terms of percentage of crypto investors, Switzerland (1.8%) and the Czech Republic (2.2%) rank respectively 23rd and 21st out of 24 countries, (1.8% and 2.2%). [Cela] ruins their chances,” the report says.

According to another study by Coincub, Switzerland has also seen a considerable improvement in its position, rising from eighth to fifth place in the “International Crypto Ranking” for the first half of 2022.

“The city of Lugano now recognizes Bitcoin, Tether and its LVGA token as legal currencies,” the study points out.

India is at the bottom of the ranking

After France (1st position), the Czech Republic (2nd) and Belgium (3rd), we find Canada, the Netherlands, Switzerland, Germany, Australia, the United Kingdom, the United, Spain, Japan, Ukraine, South Korea and Italy.

Source: Coincub

However, on Coincub’s list of the most crypto-friendly countries, Germany topped the podium in Q1. For its part, France rose to eighth position.

On both lists, however, India appears to be going through a tough time. According to data from Invezz, the country ranks 24th in Bitcoin earnings per capita and per investor. On the Coincub list, the country comes in 19th place.

“India, on the other hand, has a highly crypto-interested population and a thriving blockchain community, putting it in 19th place. However, the country suffers from indecisive government policy and a lack of governance,” Coincub points out.

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