California named US 'most crypto-ready' state

California has become the most crypto-ready jurisdiction in the United States thanks to the proliferation of cryptocurrency ATMs and the ...



California has become the most crypto-ready jurisdiction in the United States thanks to the proliferation of cryptocurrency ATMs and the growing interest in digital assets among the state’s population, according to a new study from Crypto Head review site industry.

With a score of 5.72 out of 10, California bordered New Jersey (5.44), Texas (5.28), Florida (5.03) and New York (4.29) in the crypto-ready index. The state’s point total was also 2.54 points higher than 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 bills passed 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-focused legislation in the state.

For comparison, New York adopted eight crypto-focused bills, but was 33rd in terms of crypto ATM installations. New Jersey has the highest number of crypto ATM facilities per 10,000 square miles and ranks third for searches per 100,000 people. Texas and Florida also performed well on ATMs and global searches.

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Despite regulatory uncertainty and one imminent infrastructure bill that could affect key segments of the blockchain economy, the United States continues to be a global leader in cryptocurrency adoption. In 2020, BTC trading volumes in the United States outmoded those of Europe, Nigeria and China combined. For the same year, Americans recorded $ 4.1 billion in profits on their crypto transactions, far surpassing any other country. The United States also leads the world for Bitcoin ATMs, accounting for 86.4% of total installations, according to to industry sources.

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Much of Crypto’s success in the United States stems from its status as an investable asset class. As such, other adoption measures do not rank as well. In August, the financial comparator Finder ranked the United States 26th out of 27 countries in terms of crypto ownership among residents. Emerging markets that rely more heavily on remittances – like those in Southeast Asia and Latin America – rank much higher.