Florida, US State Best Poised for Widespread Crypto Adoption: A Study


Cryptotechnology is not only driven by regulations, but also by the supporting infrastructure that enables the sustainable adoption of crypto in any jurisdiction. Florida is becoming the crypto-ready state in the US when factors such as the number of Bitcoin (BTC) ATMs, blockchain companies and general interest in cryptocurrencies are taken into account. 

In the US, hosts 33,865 Bitcoin ATMs, representing 87.1% of all crypto ATMs worldwide. Additionally, the country accounts for 37.8% of the global Bitcoin hash rate, making the United States the most dominant crypto player. However, a state-by-state analysis shows that not all 50 states are equally prepared for the inevitable mainstream use of crypto. 

 A survey conducted by Invezzi named Florida the crypto capital of the United States due to its active participation in the emerging crypto economy. Miami has one of the highest Bitcoin ATMs per capita, at 14.63 per 100,000 people, and one of the highest total crypto enthusiasts, with 210.28 crypto-related Google searches per 1,000 people. 

 While Florida received the highest crypto-readiness score of 9.35, Texas and Illinois were slightly lower at 8.71 and 8.03, respectively, as shown below.

Ten crypto-ready states. Source: Invezz 
 Surprisingly, Vermont is the only US state without a Bitcoin ATM. However, Texas makes up for it by hosting 4,101 ATMs, the largest network of crypto ATMs in the state. Crypto-friendly jurisdictions like Wyoming have the most blockchain businesses per 100,000 people over the age of 20, while California has a total of 2,670.
The existence of Bitcoin ATMs shows the everyday crypto opportunities and uses of the general public. In this regard, residents of Texas, California and Florida have the most opportunities to use cryptocurrency. The list below shows the top 10 states with the most Bitcoin ATMs per 100,000 people  per 1,000 square miles.
For investors, the future of crypto adoption  also depends on government tax relief. Nine US states currently offer tax-free returns to investors, including Washington, Wyoming, South Dakota, New Hampshire, Alaska, Nevada, Texas, Tennessee and Florida. 
 Related: US crypto exchanges lead to Bitcoin flight: More than $1.5 billion in BTC retreated in the week .

 The Office of the Comptroller of the Currency (OCC) warns banks about rising crypto risks and asks the industry to be careful about transactions. with crypto companies.
Discussing risk management, the OCC said that the practices of crypto companies "were still not robust," highlighting the lack of preparedness of the crypto ecosystem during several crashes last year.

Source: https://cointelegraph.com/news/florida-best-prepared-us-state-for-widespread-crypto-adoption-research

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