California: The Most Crypto-Ready Stateawareness
California: The Most Crypto-Ready State
California is crypto-ready. That's right, the state that has been at the front of innovation and technology for over a century is now making it easier than ever for the average person to adopt crypto. Whether you're looking to invest in cryptocurrencies or just want some exposure to this new asset class, California is your best bet if you live in the United States, according to a new study by Crypto Head.
What Makes the Golden State the Most Crypto-Ready?
For starters, let's look at what factors go into determining crypto-readiness. The study looked at things like the rate of crypto adoption, banking regulations, taxation rules, accessibility via Bitcoin ATMs & consumer search interest. The aggregate score of all of these categories provides California with the highest "crypto-ready score" of 5.72 out of 10, followed by New Jersey which scored 5.44.
In addition, there are more crypto companies headquartered in California than anywhere else in the nation. According to Coin Telegraph, “California is the most popular location for crypto firms, and unlike New York, it doesn’t oblige them to get any specific licenses.” From fintech to mining, crypto companies are blossoming in the state.
Annual Crypto-Related Searches
One big factor that goes into determining crypto-readiness (according to the study) is the amount of crypto-related search queries originating from the state.
The study found that California ranks first in the nation with crypto-related search queries. The state's high level of interest is likely due to its large population of tech-savvy residents. While you may think that the state's overall population is the sole reason behind it being the winner here, California also had the largest number of searches per 100,000 people, followed closely by New York.
Number of Crypto ATMs
Another category that is a focus of the study is the number of crypto ATMs available in each state, a metric on which California also stole the show by a narrow margin over Texas. At the time of the study's publication, the state had a total of 2,473 crypto ATMs compared to the #2 Texas's count of 2,396. Although California slipped down to the #20 spot when looking at the number of ATMs per 100,000 people, the state is still #12 for the number of ATMs per 10,000 square miles (159!).
Surprisingly, the state with the most crypto ATMs per 100,000 people was West Virginia, boasting a count of 18.7 machines. The next closest state was New Mexico with a count of 10.8 kiosks per 100,000 people.
Crypto ATMs are a big factor in an area's crypto-readiness for a few reasons. For one, it increases the accessibility of cryptocurrencies for a large portion of the population who are either unbanked or underbanked. Prior to these machines,the only way to get into cryptocurrencies was if you had a bank account and a computer. Secondly, the ATMs help increase the adoption and normalization of cryptocurrencies as they are placed in major areas such as shopping malls, gas stations and convenience stores.
The category where California struggled the most was the Crypto Bills category. In this section, the study looked for state-level legislation related to cryptocurrency. The winner in this category was New York, with a total of 8 crypto bills. California, on the other hand, had none.
In a rapidly emerging industry such as cryptocurrency, legislation is important to help clearly guide businesses, investors and consumers on how crypto should be regulated, used and taxed. The lack of crypto legislation in California is the biggest drawback for crypto companies looking to move into this state due to its potential taxation rules and regulations that would otherwise govern their industry.
Which States Are Up Next?
A few states are close behind California on the crypto-readiness scale:
- California: 5.72/10
- New Jersey: 5.44/10
- Texas: 5.28/10
- Florida: 5.03/10
- New York: 4.29/10
New Jersey is right on California's tail, with a score trailing by just 0.28. According to the study, the state has "the highest number of crypto ATMs per 10,000 square miles with 1,048 and also scores third-highest for searches per 100,000 people. It has the sixth-highest number of crypto ATMs per 100,000 people and has currently passed three bills."
Texas is crypto-ready as well, with a total score of 5.28 out of 10. The state's preferable laws & regulations on taxes and crypto mining also position it to take the #1 spot in the near future. The study notes that Texas is "the second-largest US state in terms of area and also has the second-highest number of crypto ATMs with 2,396. It also has the second-highest total number of crypto-related searches totaling 205,700 and also has three bills passed."
Want to Get Involved in Cryptocurrency?
The crypto industry has been booming over the past few years. And as more and more people are exposed to this new asset class, they're looking for ways to get involved. However, it isn't always easy for those who don’t know much about digital currency or investing in general. Thankfully, states like California and companies like Bitcoin Depot are taking action by making it easier than ever to buy cryptocurrency with cash at crypto kiosks.
One of the largest Bitcoin ATM vendors, Bitcoin Depot, has over 6,500 crypto ATMs across the US & Canada. Find a bitcoin ATM near you if you want a way into cryptocurrencies without the hassle - all you need is some cash, a digital wallet, a phone number to get started!
Jan. 10, 2022