Florida is the US state best prepared for mass adoption of cryptocurrency

Florida is the US state best prepared for mass adoption of cryptocurrency

It is not only about positive regulation but also about the supporting infrastructure that allows cryptocurrency to be adopted in any jurisdiction. Taking into account factors such as the number of bitcoin ATMs (bitcoin), blockchain companies, and general interest in cryptocurrency, Florida is the best-prepared state for cryptocurrency in the United States.

The United States is home to a network of 33,865 Bitcoin ATMs, accounting for 87.1% of all crypto ATM installations worldwide. Additionally, the country contributes 37.8% of the global bitcoin hash rate, making the US the dominant player in the industry. However, one analysis reveals that not all 50 states are equally prepared for the inevitable adoption of cryptocurrencies.

research conducted Invis Florida is considered the cryptocurrency capital of the United States for its active participation in the emerging cryptocurrency economy. Miami boasts one of the highest numbers of bitcoin ATMs per capita, at 14.63 per 100,000 people, and one of the highest overall interest rates for cryptocurrencies, with 210.28 Google searches for crypto topics per 1,000 people.

While Florida had the highest score of 9.35, Texas and Illinois came close behind with scores of 8.71 and 8.03 respectively, as seen below.

The 10 countries most ready for cryptocurrency. Source: Invez

Surprisingly, Vermont is the only US state that does not have Bitcoin ATMs. On the other hand, Texas makes up for this by hosting 4,101 ATMs, which is the largest crypto ATM network statewide. Crypto-friendly jurisdictions like Wyoming have the highest number of blockchain companies per 100,000 residents, over 20, while California has the largest total number at 2,670.

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The United States is less willing to adopt cryptocurrencies. Source: Invez

The existence of Bitcoin ATMs indicates the ability of the public to access and use cryptocurrencies on a daily basis. In this regard, residents of Texas, California and Florida have the greatest potential for use. The following list shows the 10 states with the highest number of Bitcoin ATMs per 100,000 people and per 1,000 square miles.

The United States has the largest number of Bitcoin ATMs. Source: Invez

For investors, the future of cryptocurrency adoption will also depend on leniency with state taxes. Currently, nine US states offer investors 0% capital gains taxes, including Washington, Wyoming, South Dakota, New Hampshire, Alaska, Nevada, Texas, Tennessee and Florida.

Related: US Cryptocurrency Exchange Leads Bitcoin Out: Over $1.5 Billion BTC Withdrawn In One Week

The Office of the Comptroller of the Currency (OCC) has warned banks of the “emerging risks” of cryptocurrencies, and urged the industry to take a “cautious approach” when dealing with crypto firms.

look here! USOCC reported the main problems facing the federal banking system in its fall 2022 semi-annual risk outlook. Read more

In terms of risk management, the OCC said that crypto firms’ practices have “not yet been affected,” emphasizing the cryptocurrency ecosystem’s unpreparedness during the past year’s various incidents.

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