Sweeping the Nation: Top States for Cryptocurrency Users Vs Interest?
With the popularity of Bitcoin coming reaching an all-time high in late 2017 and early 2018, more and more places are beginning to accept and embrace alternative currencies as valid ways to pay. Additionally, the massive profits seen by some startup companies on the blockchain has inspired interest in many economic hubs all over the United States.
A pair of studies published by Reward Expert examined both the top ten U.S. states with a public interest in cryptocurrencies and the ten states with the highest acceptance of the use of the blockchain currencies. For investors, both analyses are supremely important.
Cryptocurrency speculators interested in the prospect of localized interaction with quickly-growing blockchain startups and organizations should pay careful attention to the first list of states. These areas have made themselves known as hubs for the budding technology and are often the ideological birthplaces of some of the blockchain’s most coveted innovations and concepts.
The latter list also serves an important function for investors and fans of cryptocurrencies alike. The metric used to identify the acceptability of cryptocurrencies relies heavily on empirical observations such as the prevalence of Bitcoin ATMs and the number of places that accept the alternative currency. This is a major consideration for cryptocurrency investors who seek to trade their hard-earned coins for fiat cash or worthwhile commodities.
No matter their place in the unique blockchain ecosystem, readers could greatly benefit from an awareness of the top states for cryptocurrency interest and use.
Top States for Bitcoin Interest
The first list compiled by Reward Expert gives readers a look into the states with the most public interest in cryptocurrencies. For this list, rankings were determined primarily by the prevalence of Bitcoin-friendly businesses and the most commonly-searched cryptocurrency terms provided by Google Trends.
Just as one may suspect, the two biggest economic hubs in the United States head-out this list. California takes the top spot for states with deep interests in cryptocurrencies, followed closely behind by New York.
As the technological innovation center of the United States economy, it is clear that Silicon Valley would be deeply committed to the idea of a decentralized currency. The statistics only fortify the concept that California is the place for technological dreamers; Google searches for specific cryptocurrencies are more common in California than any other state. Additionally, California boasts a significant number of legitimate establishments that accept Bitcoin as payment—over 500!
New York follows closely behind California in number two. While California is revered for its interest in technology, New York is world-famous for a sophisticated financial sector on Wall Street. Consequently, it should come as no surprise that New Yorkers are beyond interested in the new investment opportunities provided by the rise of cryptocurrencies. Reward Expert cites an incredible search trend score for terms like ‘Ethereum‘ and ‘Litecoin' as one of the main reasons that New York should be recognized for their interest in cryptocurrencies.
In a slight geological shift, New Jersey ranked third on the Reward Expert List. Though overshadowed by the insurmountable numbers shown in New York, the latter does not have a significant lead. Less than half of a percentage point separated New Jersey from New York in cryptocurrency interest. Interestingly enough, though, the state ranks number one for public interest in the Ripple platform.
Another technological hub occupies the fourth spot on the list of most crypto-crazy states: Washington. The state houses both Amazon and Microsoft and achieved a perfect search-term score for Ethereum. Washington seems to continue its tradition in an interest in technological innovation with a heavy public involvement in cryptocurrency.
In a similarly-political motivation, Nevada is the sixth most cryptocurrency-interested state. Maintaining a Google Trend score of 84 for the term “cryptocurrency,” this state has developed a sophisticated infrastructure surrounding Bitcoin.
Florida enters the fray at seventh place. With consistently high rankings (top fourth) in key cryptocurrency search terms, Florida’s interest in blockchain technologies and decentralized currencies seems largely unexplained.
Reward Expert gives readers yet another surprise with Utah in eighth place. Though the researcher nods to the geographical proximity of Utah to Nevada and Colorado, there seems to be no observable reason why Utah citizens have an abnormally-high interest in Bitcoin (81/100) and a significant number of companies accepting the currencies near Salt Lake City.
Falling slightly behind Utah at number nine is Connecticut. It can be noted that wealthy New Yorkers visiting the area could account for the high interest in Litecoin—the same coin that New York exhibited remarkable public interest in.
Finishing off the top-ten list is Colorado. This technologically-minded, libertarian population seems the likely candidate for interest in sophisticated developing cryptocurrency technologies. For Colorado, interest is easily the highest in Ethereum.
As changes in the growing cryptocurrency and ICO market continue to capture the public’s interest, it would not be surprising to see more changes to this list in the very near future.
Top Ten States for Cryptocurrency Use
Rather than focusing on public interest, this list consolidated information concerning the extent to which U.S. States make it easy to use cryptocurrencies. Primary metrics employed to make this ranking include the presence of Bitcoin ATMs and the commonality of establishments regularly accepting Bitcoin as currency.
Though it is perhaps not a state in the traditional sense, Washington, D.C. tops the list of states for using altcoins. It holds an impressive 4.49 Bitcoin ATMs for every million residents—the highest amount in the entire country! Perhaps even more alluring to the Bitcoin fanatic, the small area offers 2.39 Bitcoin-accepting businesses for every one million residents.
New Hampshire lags slightly behind the Capital. Sixty-two businesses in the small state accept Bitcoin for their goods and services, and four Bitcoin ATMs make the state an ideal haven for the frequent Bitcoin user.
Twenty-Four ATMs in Georgia allow residents to swap their cryptocurrencies for fiat cash, making the “peach state” the U.S. state with the most Bitcoin ATMs. The reason that the state doesn’t top the list, though, is that the have a very low number of businesses that accept Bitcoin. Good thing the ATMs make conversion easy for cryptocurrency-holders!
Following its placement as sixth in the interest list, Nevada climbs up to number four on this ranking of infrastructural embrace of Bitcoin. While only four Bitcoin ATMs are available, the state makes up for this lack of conversion opportunities with a plethora of Bitcoin-loving businesses—78, to be exact.
In another repeat from list one, Colorado is the fifth most cryptocurrency-friendly infrastructure. Ninety establishments allow Bitcoin as an accepted currency, and seven ATMs span across the state. This is especially important because it means that Bitcoin conversion opportunities are not merely limited to the capital city and its neighbors.
Making its first appearance on either list, Kansas wins the sixth spot. 110 places in the state accept Bitcoin, including 88 eateries. The downfall of Kansas is that there exists only one Bitcoin ATM to serve all of the interested—and hungry—cryptocurrency owners.
New York reappears on this second list as well. Though most are naturally concentrated within NYC, the state offers 23 Bitcoin ATMs. Though New York has a number of total ATMs comparable to Georgia, the Reward Expert metric relies on per capita presence—not absolute terms—and New York’s massive population pushed them down further on the overall list.
In a reversal of the issue experienced by Georgia, eighth-place Michigan has many ATMs (12), but very few Bitcoin-friendly businesses. An interesting fun fact about Michigan, however, is that there exists a cosmetic surgery clinic that accepts Bitcoin as payment.
Missouri shocks readers by winning the ninth place for most Bitcoin-friendly states. Showing off a higher number of Bitcoin ATMs than neighboring Kansas, it is the distinct lack of many establishments accepting Bitcoin that confines the state to the near-bottom of the list.
With only one Bitcoin ATM but tons of places to use the cryptocurrency, Oregon places tenth on this list. The legalization of marijuana has led to a widespread industry acceptance of Bitcoin, with over seven dispensaries accepting the alternative currency for payment.
Once again, it is likely that these RewardExpert.com rankings will continue to evolve as the cryptocurrency market shapes and reimagines its identity in coming years.
Conclusion: The States and Cryptocurrencies
The lists provided by RewardExpert are immensely valuable to the modern investor, holder, or fanatic of cryptocurrency. Throughout the fifty states, varying levels of interest are limited by infrastructural concerns and mainstream acceptance of currency.
For the savvy modern fan of cryptocurrencies, these lists should paint a clear picture of the places in the United States that remain the most friendly to the blockchain and its non-traditional money.