California named ‘most crypto ready’ US state

California named ‘most crypto ready’ US state

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

With a score of 5.72 out of 10, California edged out 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.

Our top trading bots

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 in the number of crypto ATMs. These positive factors offset the lack of crypto-focused legislation in the state.

By comparison, New York has passed eight crypto-focused bills but was 33rd in terms of crypto ATM installations. New Jersey has the highest number of crypto ATM installations per 10,000 square miles and scored third-highest for searches per 100,000 people. Texas and Florida also scored well with respect to ATMs and overall searches.

Related: Mayoral candidate pledges to make NYC 'most cryptocurrency-friendly city in the nation'

Despite regulatory uncertainty and a looming 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 trade volumes in the U.S. exceeded those of Europe, Nigeria and China combined. For the same year, Americans booked $4.1 billion in realized profits on their crypto trades, far exceeding any other country. The U.S. also leads the globe in Bitcoin ATMs, accounting for a whopping 86.4% of total installations, according to industry sources.

Related: CFTC renewed: What Biden’s new agency picks hold for crypto regulation

Crypto’s success in the United States largely stems from its status as an investable asset class. As such, other adoption metrics don’t rank nearly as high. In August, financial comparison website Finder ranked the U.S. 26th out of 27 countries in terms of crypto ownership among residents. Emerging markets that depend more heavily on remittances — such as those in Southeast Asia and Latin America — ranked much higher.

Keep reading on Cointelegraph
Biden admin weighing bank-like regulation for stablecoin issuers
The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising...
China's crypto holdouts: Bitcoin nodes and OTC desks struggle on
Despite Beijing’s ever-increasing crackdown on the crypto industry, there are still some signs of life in the People’s Republic regarding the Bitcoin network...
Ethereum Falls 11% In Bearish Trade
Investing.com - Ethereum was trading at $2,981.76 by 08:27 (12:27 GMT) on the Investing.com Index on Monday, down 10.66% on the day. It was the largest...
Hot July at Christie’s: Over $93M in NFT sales and Art+Tech Summit 2021
Christie’s upscale building located in New York City’s Rockefeller Center, Midtown Manhattan. The organizers were exhibiting a 3D frame, which allows a...
Binance Futures to limit leverage to 20x for existing users
Binance, the world’s largest cryptocurrency exchange, continues adopting new leverage trading restrictions on its futures platform in a move to expand consumer...
16% Ethereum price rebound activates a classic bullish pattern — $2.5K next?
Ethereum's native crypto Ether (ETH) rebounded sharply on Thursday after Elon Musk disclosed for the first time that his private rocket firm SpaceX holds...
3 reasons why Constellation (DAG) price outperformed most altcoins this week
The concerns voiced about the consensus mechanisms of Bitcoin (BTC) and Ethereum (ETH) have played a part in the sideways price action both assets have...
Canadian prime minister's sibling goes bananas for Dogecoin at Bitcoin 2021
The big crypto news out of Miami over the weekend may have been Salvadoran President Nayib Bukele’s decision to proceed with making Bitcoin (BTC) legal...
What the forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies
It’s undeniable that Bitcoin (BTC) and Ether (ETH) are currently the two most dominant cryptocurrencies, and as a result, they receive most of the attention...
Celebrity VC fund unveils $1m NFT contest judged by Snoop Dogg and Mark Cuban
Sound Ventures, a venture capital fund comprising celebrities, musicians, and a billionaire, are offering at least $1 million for the “most innovative”...
Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India
An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst...
Winklevoss May Soon Start Running Their Cold Crypto Storage
‘No luck in dying, there will be luck in love, ‘ the old saying tells. The same, it seems, is happening to early bitcoin investors Cameron and Tyler Winklevoss....
Nobel Prize Winner Thaler Says Cryptos Are Likely a Bubble, Soros Assures The Burst Won’t be Huge
It is the time when pundits weigh in the cryptocurrency rage. Recently, the business magnate George Soros emphasized that he considers cyber money as a...
‘Not a Payment System’ – Visa CEO Explained Why They Won’t Accept BTC
Just at the beginning of the month, several crypto-payment providers announced that their cards, which support crypto money, were not active anymore....
Decentralized Crypto And Blockchain Market Could Cost $10 trillion – RBC Analyst
On December 3 there was published a fresh report by Royal Bank of Canada’s analyst, which points out that in total crypto, blockchain and decentralization...