# kaal:claim:3002908-032

**Claim.** Raw country level counts overstate American leadership: normalizing by population shows roughly 7.5 million people per blockchain fund in the United States against roughly 2.8 million in the United Kingdom, so the distribution across countries is more even than the map suggests.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- 43 US funds against a population of roughly 321 million; 23 UK funds against roughly 65 million

**Source quote.**

> Although the map suggests that the United States is heavily invested in blockchain, in comparison with other countries we see a more even distribution between countries than the map would suggest.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and* (2017), V. Data, page 29

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908

**Verify.** sha256 of source PDF `06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Blockchain%20Innovation%20in%20Private%20Investment%20Funds%20-%20A%20Comparative%20Analysis%20of%20the%20United%20States%20and.pdf

**Failure mode.** unnormalized-country-comparison  (family: measurement-and-metric-failure)

**Topics.** research-methods

**Keywords.** measurement, normalization, comparative-analysis, fund-data

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