It is not just crypto-friendly regulation, but also a supporting infrastructure that enables sustainable cryptocurrency adoption in any jurisdiction. Considering factors such as the number of Bitcoin (BTC) ATMs, blockchain companies, and public interest in cryptocurrency, Florida is the most cryptocurrency-ready state in the United States.
The US is home to a network of 33,865 Bitcoin ATMs, representing 87.1% of total cryptocurrency ATM installations worldwide. Additionally, the nation contributes to 37.8% of the global Bitcoin hash rate, making the US the most dominant player in the crypto sector. However, a state-by-state analysis reveals that not all 50 states are equally prepared for the inevitable mainstream adoption of cryptocurrencies.
Research conducted by Invezz ranked Florida as the crypto capital of the US for its active engagement in the booming crypto economy. Miami has one of the highest numbers of Bitcoin ATMs per person, 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-readiness score at 9.35, Texas and Illinois were just below with scores of 8.71 and 8.03, respectively, as shown below.
Surprisingly, Vermont is the only US state without Bitcoin ATMs. Secondly, Texas makes up for it by hosting 4,101, the largest crypto ATM network in the state. Crypto-friendly jurisdictions such as Wyoming have the most blockchain companies per 100,000 people at 20+, while California has the most overall at 2,670.
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 reach 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.
For investors, the future of cryptocurrency adoption will also depend on state tax leniency. Nowadays, nine US states offer 0% capital gains tax to investors, including Washington, Wyoming, South Dakota, New Hampshire, Alaska, Nevada, Texas, Tennessee and Florida.
The Office of the Comptroller of the Currency (OCC) warned banks of the “emerging risks” of cryptocurrencies, while calling on the industry to take a “cautious approach” when dealing with cryptocurrency companies.
Check it out! The @USOCC reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2022. Read more at https://t.co/CcfoiQM8xe pic.twitter.com/0WnAt5psXU
—OCC (@USOCC) December 8, 2022
Check it out! @USOCC reported the key issues facing the federal banking system in its Fall 2022 Semi-Annual Risk Outlook.
While discussing risk management, the OCC said that practices at crypto firms were “not yet robust,” highlighting the lack of preparedness of the crypto ecosystem during several crashes over the past year.
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