New data reveals that US cryptocurrency users missed out on potential gains due to geoblocking airdrops, despite the large share of crypto addresses in the US.
Dragonfly Study and its Findings
According to Dragonfly's report, up to 5.2 million Americans were blocked from receiving airdrop tokens due to policies aimed at reducing regulatory exposure. The report analyzed 11 geo-blocked airdrops valued at a total of $7.16 billion, shared among 1.9 million addresses. The median payout per address would have been around $4,600.
CoinGecko Analysis and Potential Losses
CoinGecko's data includes 21 blocked airdrops, raising the upper limit of missed payouts to $5.02 billion. Although some users might have accessed these airdrops via VPNs, a significant portion likely did not claim their tokens.
Economic Impacts of Blocking
The report highlights the profound economic repercussions of geoblocking on US users, with significant revenue losses affecting both individual claimers and the broader economic landscape. Overall, an estimated $418 million to $1.1 billion in federal tax revenue has been lost due to the restrictions.
The analysis shows that geoblocking has had a significant financial impact on US cryptocurrency users and the economy at large.
