China’s cryptocurrency investors made gains of more than US$1 billion in 2023 despite sweeping government ban

Hong Kong cryptocurrency investors realised gains of US$250 million last year, according to Chainalysis. In 2021, they made US$1.3 billion.

Overall, cryptocurrency investors around the world recorded total gains of US$37.6 billion in 2023, down from the US$159.7 billion during the 2021 bull market, according to Chainalysis.

Still, last year’s gains represent a significant recovery from 2022, which saw losses reach US$127.1 billion.

In both 2021 and 2023, US cryptocurrency investors realised the biggest gains in the industry, according to Chainalysis, when they made US$47 billion and US$9 billion, respectively.

The gains pulled off last year by mainland investors showed how the nation’s community of cryptocurrency enthusiasts has continued to thrive, despite Beijing’s rigid stance against all activities related to the virtual asset.

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“If these trends continue, we may see gains more in line with those we saw in 2021,” Chainalysis said. “As of March 13, bitcoin is up 65.4 per cent and ether is up 70.2 per cent.”