California rises to the top of the podium in the ranking of cryptocurrency-ready states in the US. Even its lag in terms of regulation on cryptocurrencies does not seem to be a hindrance.
A good grade for the US major
A study by the website Crypto Head has just revealed that California came out on top of the cryptocurrency-ready states in the US.
Crypto Head based its ranking on the number of :
- Google searches related to cryptocurrencies;
- ATM cryptos;
- Blockchain-related bills in each state.
The United States lands an average score of 2.54 points. California leads New Jersey with respective scores of 5.72 versus 5.44 out of 10. New York is in second place with 4.29 points.
Between 2020 and 2021, California recorded 386,100 cryptocurrency-related searches, with 977 searches per 100,000 residents, compared to 934 for New York and 912 for New Jersey. It also has 2,474 ATMs, compared to 1,048 for New Jersey. In terms of crypto bills, California has passed none, compared to 8 for New York.
US competing with emerging markets
Regulatory uncertainty and the infrastructure bill threaten the growth of the blockchain economy in the United States. Still, the country remains a leader in terms of cryptocurrency adoption.
In 2020, Americans total $4.1 billion in profits from their cryptocurrency transactions, far ahead of other countries. Their bitcoin (BTC) trading volumes exceed those of Europe, Nigeria and China combined.
In August 2021, financial comparison site Finder ranked the US 26th out of 27 countries in the list of countries with the most residents holding cryptocurrencies. This puts the US behind countries in Southeast Asia and Latin America, emerging markets with a heavy reliance on remittances.
What about the future of cryptocurrencies in the US with increasing pressure from regulators? Chainalysis’ recent study already shows a dominance of emerging markets in terms of cryptocurrency adoption, while the US and China fall in the rankings.