China ranks fourth in the list of bitcoin transactions in 2020

Based on all kinds of data, the research group of our bank has made a ranking of bitcoin trading volume of major countries in the world in 2020. Compared with last year, the biggest change in this ranking is that Russia has replaced Nigeria as the world’s largest bitcoin trading country after the United States. China ranks fourth. In terms of ranking, in the past 2020, if we only consider the volume of the target country’s legal currency to bitcoin, the interest of Eurasian developing countries and some underdeveloped countries in Africa and Latin America is significantly higher than that of some developed economies. In 2020, about $430 million in russian rubles and $390 million in Nigerian naira will be used to buy bitcoin. Of course, those who buy bitcoin locally are not necessarily citizens of the country, which may have a certain impact on statistics. According to other data, Nigeria has traded about 60000 bitcoins in the past five years (as of the end of last year), and the local bitcoin trading volume has increased at least 19% annually since 2017. Nigerian bitcoin users buy bitcoin with naira. From a horizontal comparison, the trading volume of bitcoin in Nigeria in 2020 is twice that of the euro zone (except the UK); the transaction volume of Colombia is twice that of Canada. The virtual currency transactions in these two regions are mainly used for daily payment or investment and financing, and there is no relevant survey and statistics. In addition, the data shows that 8% of the total transactions in Egypt have been completed The population (about 8 million) holds bitcoin, and the actual number of holders may be more than that of China.

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