Examines search traffic and geographical data to see which states’ residents are most interested in cryptocurrencies, and where you can most easily use them for purposes other than investment.
New York, N.Y. – Cryptocurrencies are gaining in popularity throughout America. While most U.S. adults are familiar with cryptocurrencies, like Bitcoin or Ethereum, only about 10% have some amount of assets in cryptocurrencies. RewardExpert – a free service that helps users take full advantage of credit card and travel rewards – today released its ranking of the Top States Where Cryptocurrency is Catching On. The report quantifies both the levels of interest in cryptocurrencies throughout the nation, and an analysis on which states provide the infrastructure of using them as actual currency.
“The growing prevalence of cryptocurrencies is undeniable,” says RewardExpert CEO and co-founder Roman Shteyn, “The most popular use for cryptocurrencies is for investment, however an increasing number of businesses accept currencies like Bitcoin as payment, and Bitcoin ATMs have been popping up across the country enabling investors to spend their funds. We analyzed search trends for a range of keywords relevant to cryptocurrencies to determine which states’ citizens are most interested in cryptocurrencies. Using location data, we determined which states are home to the most ATMS and establishments accepting cryptocurrencies as payments.”
The three states most interested in cryptocurrencies are:
- California – Home to Silicon Valley and one of the major hubs for the US technology industry, California is unsurprisingly the state in which interest in cryptocurrencies is the highest across the board. California tops keyword search data for specific currencies. The state also has over 500 establishments where Bitcoin is an accepted form of payment.
- New York – Second place, New York, would naturally rank as one of the usual suspects. New York City drives the statewide average level of interest to stratospheric levels. New Yorkers’ interest in Litecoin and Ethereum helps boost New York’s overall trends score for interest in specific currencies to 96.25 of 100.
- New Jersey – New Jersey falls behind New York by a fraction of a percentage point in measures of interest in cryptocurrencies. Interest in Ripple is higher in New Jersey than anywhere else in the country, while Litecoin takes second place – with New Jersey residents expressing more interest than anywhere outside of New York.
The three states that have the best infrastructure for using cryptocurrencies for purposes other than investment are:
- Washington, D.C. – While not technically a state, Washington, D.C. takes first place on the strength of having the most Bitcoin ATMs per capita anywhere in the country. There are 4.49 ATMs per million residents, and 2.39 establishments per million residents that accept Bitcoin as a form of payment.
- New Hampshire – With 62 establishments accepting Bitcoin as a form of payment statewide, New Hampshire has the most places per capita where you can use cryptocurrency to pay for retail purchases, food, and in some locations, for travel and lodging.
- Georgia – With 24 Bitcoin ATMs available statewide, Georgia has the most locations where you can automatically convert cryptocurrency into cold hard cash. This is helpful for residents who own Bitcoin and other cryptocurrencies, as there are fewer retail and food establishments that accept Bitcoin than there are ATMs with which to withdraw funds.
“Cryptocurrency valuations have skyrocketed, and while they have fallen from their December 2017 peak, these values represent astronomical increases over the last year, and even more so over the lifetime of these currencies,” says Shteyn. “While many Americans are still skeptical about cryptocurrencies, we can’t deny that their rapid rise has made many millionaires and billionaires, at least on paper.”
For further information and to view the full report, visit the RewardExpert website.
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