California has emerged as the most crypto-enabled jurisdiction in the United States thanks to the proliferation of cryptocurrency ATMs and the state’s growing interest in digital assets, according to new industry research from review site Crypto Head.
With 5.72 out of 10 points, California ousted New Jersey (5.44), Texas (5.28), Florida (5.03) and New York (4.29) in the crypto-ready index. The state’s score was also 2.54 points above the national average.
The results were tabulated using metrics such as crypto-related Google searches, the presence of Bitcoin (BTC) and other cryptocurrency ATMs, and the number of blockchain-related invoices submitted in each state. California ranked first in crypto-related Google searches per 100,000 and number of crypto ATMs. These positive factors make up for the lack of crypto-oriented legislation in the state.
By comparison, New York has passed eight crypto-focused bills but ranked 33rd for crypto ATM installations.New Jersey has the highest number of crypto ATM installations per 10,000 square miles and comes third highest in searches per 100,000 people away. Texas and Florida also did well for ATMs and general searches.
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Despite regulatory uncertainty and looming infrastructure legislation that could affect key segments of the blockchain economy, the United States continues to lead the world in adopting cryptocurrencies. In 2020, the volume of BTC trading in the US exceeded that of Europe, Nigeria and China combined. In the same year, Americans posted $ 4.1 billion in realized profits from their crypto businesses, well above any other country. The U.S. is also the world leader in Bitcoin ATMs, accounting for a whopping 86.4% of total installations, according to industry sources.
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Crypto’s success in the United States is largely due to its status as an investable asset class. Hence, other adoption metrics aren’t nearly as high. In August, the financial comparison website Finder ranked the US 26th out of 27 countries in terms of cryptocurrency ownership by residents. Emerging markets that are more dependent on remittances – like those in Southeast Asia and Latin America – ranked significantly higher.