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Friday, January 27, 2023

Florida best prepared US state for widespread cryptocurrency adoption: Research

It is not only crypto-friendly regulation, but also a supporting infrastructure that enables sustainable cryptocurrency adoption in any jurisdiction. Taking into account factors such as the number of Bitcoin (BTC) ATMs, blockchain companies, and public interest in cryptocurrencies, Florida is the most crypto-ready state in the United States.

The US has a network of 33,865 bitcoin ATMs, representing 87.1% of the total cryptocurrency ATM installations worldwide., Additionally, the country contributes 37.8% of the global bitcoin hash rate, making the US the most dominant player in the crypto sphere. However, a state-by-state analysis shows that not all 50 states are equally prepared for the mandatory mainstream adoption of cryptocurrencies.

Research by Invezz ranked Florida as the crypto capital of America for its active participation in the booming crypto economy. Miami has the highest number of bitcoin ATMs per capita at 14.63 per 100,000 people, and one of the highest rates of public interest in crypto, with 210.28 crypto-topic Google searches per 1,000 people.

While Florida received the highest crypto-preparedness score at 9.35, Texas and Illinois were close behind with scores of 8.71 and 8.03, respectively, as shown below.

The 10 States Most Ready for Cryptocurrencies. Source: Invez

Surprisingly, Vermont is the only US state without bitcoin ATMs. Others, Texas compensates for this by hosting the largest crypto ATM network in the state at 4,101, Crypto-friendly jurisdictions like Wyoming have the most blockchain companies per 100,000 people at 20+, while California has the most at 2,670.

Florida Best Prepared Us State For Widespread Cryptocurrency Adoption: Research
The US is the least ready to adopt cryptocurrency. Source: Invez

The presence of bitcoin ATMs indicates the day-to-day crypto access and use capabilities of the general public., In this sense, residents of Texas, California and Florida have the greatest access to interact with cryptocurrencies. The following list shows the top 10 states with the most bitcoin ATMs per 100,000 people and per 1,000 square miles.

Florida Best Prepared Us State For Widespread Cryptocurrency Adoption: Research
US states have the most bitcoin ATMs. Source: Invez

For investors, the future of cryptocurrency adoption will also depend on state tax leniency. nowadays, Nine US states including Washington, Wyoming, South Dakota, New Hampshire, Alaska, Nevada, Texas, Tennessee and Florida offer 0% capital gains tax to investors.

The Office of the Comptroller of the Currency (OCC) warned banks about the “emerging risks” of cryptocurrencies, while calling on the industry to take a “cautious approach” when dealing with crypto companies.

Check it out! The @USOCC reported on the key issues facing the federal banking system in its Fall 2022 Semi-Annual Risk Outlook.

Discussing risk management, the OCC said practices at crypto firms were “not yet robust,” highlighting the crypto ecosystem’s lack of preparedness during several crashes over the past year.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed at or accessible to investors in Spain.

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