These Are the Top Crypto-friendly Cities in the U.S.
As the world moves towards a digital future, these are cities that are leading the way.
By TKS |
July 4, 2022
Before we list the top crypto-friendly cities, let’s first define what makes a city ‘crypto friendly’. These were the four main categories where certain cities outshine other.
Our recommendations are based on the following:
- The total number of crypto holders
- The richest crypto holders
- Cities with the most Bitcoin ATMs
It’s probably no big surprise to hear that the cities with the most cryptocurrency owners are located in technology hubs, which tend to adopt new technologies much faster than other parts of the country.
According to CoinTracker, the number one city with the most crypto owners per capita is Ashburn, Virginia, considered the “Silicon Valley of the East.”
Second on the list is Redmond, Washington, which is the home of Microsoft and Nintendo. We have San Francisco, California, home to crypto giants Coinbase and Kraken, in third place.
Silicon Valley cities round up most of the top ten, with Santa Clara and Palo Alto taking spots in the top ten and Seattle and Cambridge, Massachusetts, home to MIT.
The Richest Crypto Owners in the US
Crypto wealth has been rising in recent years, with many individuals becoming millionaires and even billionaires. It is not surprising that the Bay Area, where Silicon Valley resides, has some of the top crypto balances in the country. San Francisco leads the way in this category, where the average owner has a balance of over $55,000 in cryptocurrency (CoinTracker).
The subsequent wealthiest users all reside in neighboring cities, Pala Alto, Oakland, and San Mateo, California—these cities have an average balance of nearly $39,000 each. New York, Tampa, and Pittsburgh crack the top ten in this category, averaging $22,966, $20,098, and $21,306 balances.
Cities with the Most Bitcoin ATMs
According to Coin ATM Radar, there are over 34,500 Bitcoin ATMs in the United Stated today, a growth of over 640% in the last year alone. The presence of more physical bitcoin ATM locations is a strong signal that the city is embracing cryptocurrency on both an individual level and a general level. This means that new users are not only becoming aware of bitcoin but are also investing in cryptocurrency.
Large metropolitan areas dominate this category. The top spot goes to Los Angeles, California, with over 1,572 Bitcoin ATMs for residents to purchase or sell cryptocurrency. Houston appears for the first time on the list in second place with 988 ATMs. Florida makes a strong showing, with Miami, Orlando, and Tampa taking spots in the top ten.
The charts show that people embrace cryptocurrency, as demonstrated by the meteoric rise of cryptocurrency balances and wealth. It is fascinating to see the enormous growth of bitcoin ATMs over the last 12 months, as this indicates that people are actively seeking out places where they can purchase or sell their cryptocurrency locally.
While the US government has been slow to embrace blockchain technology, individual cities are leading the way in cryptocurrency adoption. The San Francisco Bay Area and other tech hub cities remain strong leaders for now; however, more and more cities will soon be following suit. We expect this trend to continue over time, with cryptocurrency adoption growing as individuals realize they can benefit from its use in their everyday lives.