Florida best-prepared US state for widespread crypto adoption: Research

It’s not conscionable pro-crypto regulations but besides a supporting infrastructure that allows sustainable crypto adoption successful immoderate jurisdiction. Weighing successful factors specified arsenic the fig of Bitcoin (BTC) ATMs, blockchain companies and nationalist involvement successful cryptocurrencies, Florida comes retired arsenic the astir crypto-ready authorities successful the United States.

The US hosts a web of 33,865 Bitcoin ATMs, representing 87.1% of full crypto ATM installations worldwide. In addition, the federation contributes to 37.8% of the planetary Bitcoin hash rate, which makes the US the astir ascendant subordinate successful crypto. However, a state-wise investigation reveals that not each 50 states are arsenic prepared for the inevitable mainstream crypto adoption.

Research conducted by Invezz regarded Florida arsenic the crypto superior of the US for its progressive engagement with the burgeoning crypto economy. Miami has 1 of the highest numbers of Bitcoin ATMs per person, with 14.63 per 100,000 radical and 1 of the highest rates of nationalist involvement successful crypto, with 210.28 Google searches for crypto topics per 1,000 people.

While Florida received the highest crypto-ready people of 9.35, Texas and Illinois were placed close beneath with scores of 8.71 and 8.03, respectively, arsenic shown below.

Top 10 astir crypto-ready states. Source: Invezz

Surprisingly, Vermont is the lone US authorities with nary Bitcoin ATMs. On the different hand, Texas makes up for it by hosting 4,101 ATMs, the largest state-wise crypto ATM network. Crypto-friendly jurisdictions specified arsenic Wyoming person the astir blockchain companies per 100,000 radical astatine implicit 20, portion California has the astir wide with 2,670.

The US states slightest prepared for crypto adoption. Source: Invezz

The beingness of Bitcoin ATMs indicates the wide public’s day-to-day crypto entree and usage capabilities. In this regard, residents of Texas, California and Florida person the highest scope of engaging with cryptocurrencies. The database beneath shows the apical 10 states with the highest fig of Bitcoin ATMs per 100,000 radical and per 1,000 quadrate miles.

The US states person the astir Bitcoin ATMs. Source: Invezz

For investors, the aboriginal of crypto adoption volition besides beryllium connected the leniency of authorities taxes. Currently, 9 states successful the US are offering 0% superior taxation gains to investors, which see Washington, Wyoming, South Dakota, New Hampshire, Alaska, Nevada, Texas, Tennessee and Florida.

Related: US crypto exchanges pb Bitcoin exodus: Over $1.5B successful BTC withdrawn successful 1 week

The Office of the Comptroller of the Currency (OCC) warned banks of the “emerging risks” successful crypto portion asking the assemblage to instrumentality a “cautious approach” erstwhile dealing with crypto companies.

Check it out! The @USOCC reported the cardinal issues facing the national banking strategy successful its Semiannual Risk Perspective for Fall 2022. Read much astatine https://t.co/CcfoiQM8xe pic.twitter.com/0WnAt5psXU

While discussing hazard management, the OCC said practices astatine crypto firms were “not yet robust,” highlighting the crypto ecosystem’s unpreparedness during respective collapses implicit the past year.