SmartAsset 2022 Study: Best States for Cryptocurrency Enthusiasts
The cryptocurrency industry is currently worth more than $1.8 trillion globally, compared to its value of roughly $200 billion two years ago. In the U.S., consumers and businesses are latching onto virtual currency and blockchain technology in droves; however, federal guidelines are only beginning to take shape. Most recently, President Biden signed an executive order to examine the benefits and risks of virtual currency.
Some states are enacting cryptocurrency-friendly regulations that permit the use of cryptocurrency across different business applications. Additionally, consumer access and interest varies widely across the country. For instance, cryptocurrency-related jobs are popping up in some states more than others. Indeed, there are true labor force implications at play here – beyond the dynamics of armchair investors hoping their fad coins go “to the moon.”
In this study, SmartAsset uncovered the best states for cryptocurrency enthusiasts. We considered five metrics to calculate our rankings. They include the number of Bitcoin ATMs and tellers per 100,000 residents, the number of cryptocurrency-friendly merchants per 10,000 establishments, the number of cryptocurrency job postings per 10,000 listings, cryptocurrency regulation friendliness and cryptocurrency Google search interest. For more information on our data sources and how we put all the information together to create the final rankings, read our Data and Methodology section below.
Key Findings
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Western states dominate the top 10. Half of the top 10 states belong to the West including Nevada at No.1, followed by California, Colorado, Arizona and Oregon. These states rank particularly well for high cryptocurrency Google search interest.
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Access to cryptocurrency funds has exploded over the past two years. The number of Bitcoin ATMs and tellers has increased steadily in every state over this time frame. One of the largest increases took place in New Mexico, where the number of Bitcoin ATMs increased from seven in 2020 to 306 in 2022.
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The top states dominate most in crypto-friendly government legislation. Using findings from Cryptalker, we classified state regulations on cryptocurrency as friendly, unclear or hostile. Across all 50 states, 14 states have legislation that is friendly, eight states are more hostile in nature towards cryptocurrency and the remaining 28 states have an unclear legislative impact.
Image is a map by SmartAsset titled “Top 10 States for Cryptocurrency Enthusiasts.”
1. Nevada
Nevada ranks as the best state for cryptocurrency enthusiasts. Google search interest for cryptocurrency-related terms ranks second-highest, at 92.50 (on a scale of 0 to 100, with 100 being the most search interest). For those interested in seeking employment in the cryptocurrency industry, we found that there are 16.78 cryptocurrency job postings per 10,000 listings, the 10th-highest rate.
Cryptocurrency legislation in this state is friendly, according to Cryptalker classifications. Electronic signatures on a blockchain are legal, and local governments are prohibited from taxing blockchain technology.
2. Florida
When it comes to accessing cryptocurrency funds, Florida ranks third-best for the number of Bitcoin ATMs and tellers per 100,000 residents (14.26). In gross terms, there are roughly 3,100 Bitcoin ATMs and tellers available. Florida also ranks eighth-best for cryptocurrency-friendly merchants per 10,000 establishments (2.49). Google search interest for cryptocurrency-related terms in this state is also high, ranking fifth-best in our study, and current Florida legislation is friendly toward virtual currency.
3. California
The Golden State …….
Source: https://finance.yahoo.com/news/best-states-cryptocurrency-enthusiasts-2022-110055923.html