Cryptocurrency is one of the biggest investing trends in the United States, with consumers and businesses latching onto blockchain technology and virtual currency in droves. Over the past 5 years, interest in cryptocurrencies has surged by over 3,000%. In the U.S,, around 22% of the adult population owns a share of Bitcoin, and the trend is growing.
With interest growing across the country, the race is on for states to attract the crypto industry. Some states are enacting crypto-friendly regulations that allow the use of cryptocurrency across a variety of business applications. Moreover, cryptocurrency-related jobs are surfacing in some states more than others. In this article, the most popular states for cryptocurrency are discussed. The five metrics used to calculate these rankings are as follows:
- The number of Bitcoin ATMs and tellers per 100,000 residents
- The number of cryptocurrency job postings per 10,000 listings
- The number of crypto-friendly merchants per 10,000 establishments
- Cryptocurrency Google Search interest
- Cryptocurrency regulation friendliness
(Data per Yahoo Finance, 2022)
Before discussing the most popular states for cryptocurrency, here are the key takeaways when assessing crypto interest across the country:
- Western states dominate the top 10 most popular cryptocurrency states. Nevada is number one, followed by California, Colorado, Arizona and Oregon.
- The top states dominate most in crypto-friendly government legislation.
- Access to cryptocurrency funds has exploded over the past two years; in New Mexico, the number of Bitcoin ATMs increased from seven in 2020 to 306 in 2022.
Nevada is the best state for cryptocurrency enthusiasts. Google search interest for cryptocurrency-related terms ranks second-highest, at 92.5 (on a scale of 0 to 100). In Nevada, there are 16.78 cryptocurrency job postings per 10,000 listings. Moreover, the state is extremely friendly toward cryptocurrency regulation. For instance, electronic signatures are legal, and local governments are prohibited from taxing blockchain technology.
Miami’s mayor, Francis Suarez, and Florida’s governor, Ron DeSantis, are both uplifting Florida’s crypto credentials. Most recently, DeSantis proposed the state accept crypto payments toward certain state taxes. In terms of accessing cryptocurrency funds, Florida ranks third-best for the number of Bitcoin tellers and ATMs per 100,000 residents (14.26). Google search interest is also high, ranking fifth-best out of all states. Florida also ranks eighth best for cryptocurrency-friendly merchants per 10,000 establishments (2.49).
California is working relentlessly to attract the cryptocurrency industry. Popular cryptocurrency exchanges like Coinbase Global Inc. (NASDAQ: COIN) and Kraken are headquartered in San Francisco, though Coinbase has said it will close its San Francisco office in 2022. Recently, California has created an Office of Financial Technology and Innovation that will be responsible for creating new crypto-specific rules.
In terms of aggregate interest, California has the highest Google search interest in cryptocurrency-related keywords across all 50 states. There are 3,608 Bitcoin ATMs and tellers (9.16 per 100,000 residents) and 180 businesses currently accepting cryptocurrency.
Texas is another contender for the most popular state for cryptocurrency, with low energy costs and pro-crypto laws that appeal to the Bitcoin mining industry. Recently, bills were introduced to recognise and define the legal status of virtual currencies. Texas ranks 17th-best for the number of crypto merchants per 10,000 establishments and fourth-best for the number of Bitcoin ATMs and tellers available per 100,000 residents.
In Colorado there are 2.58 crypto-friendly merchants per 10,000 establishments (seventh best in the U.S.). Moreover, Colorado ranks ninth best across all 50 states in terms of average Google search interest for cryptocurrency-related terms (77.5 out of 100). Colorado has a pro-crypto governor, Jared Polis, who stated that he wanted the state to be the first to accept crypto tax payments; however, there has been little news on that front since May of 2021.
How to Store Cryptocurrencies Safely
Cryptocurrencies can be stored using a hardware wallet or a software wallet. A hardware wallet is widely regarded as the most secure way to store crypto. It keeps your private keys offline so that your crypto is inaccessible to anyone but the holder of the private keys.
Ledger wallet is a great choice for a hardware wallet –– Ledger claims to provide the highest level of security for crypto assets.
Where to Buy Cryptocurrencies
ETH, BTC, DOT and other cryptocurrencies can be traded on major exchanges such as Coinbase, Gemini, Crypto.com, KuCoin and Kraken.
The cryptocurrency space offers a lot of growth potential; however, it is not without risk. Cryptocurrencies are inherently volatile and are not for the faint of heart. For the most up-to-date cryptocurrency prices, check out Benzinga’s table below.