New Study Dubs California No. 1 Most ‘Crypto-Ready’ State

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The U.S. is the most prepared country for the widespread use of cryptocurrency thanks to its high number of crypto ATMs and legislation ruling, and California is the most crypto-ready state, according to a new study by Crypto Head.

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The “Crypto Ready Index” combined several factors to rank the states, including crypto-related Google searches, the increase in searches, number of crypto ATMs, and the number of crypto-related bills passed to create an overall score (out of ten) for each state.

The average score across all the states was 3.18/10. However, California scored a 5.72, placing it in the top position, according to the Index. There were 977 crypto-related searches per 100,000 people and there are 2,473 crypto ATMs in the state. While both of those statistics are national highs, California lacks any state-specific legislation.

In addition, California has the highest number of crypto ATMs representing 11.75% of the nation’s total crypto ATMs. The second-highest state in terms of ATMs was Texas with 2,396, with Florida holding third place with 1,999 ATMs.

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Following California, New Jersey is the second most crypto-ready state overall, with the highest number of crypto ATMs per 10,000 square miles (1,048) and also scores third-highest for searches per 100,000 people. It has the sixth-highest number of crypto ATMs per 100,00 people and has currently passed three bills.

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Texas comes in third overall, and has the second-highest number of crypto ATMs with 2,396. It also has the second-highest total number of crypto-related searches, totaling 205,700, and three bills passed. Rounding out the top five states are Florida — with the third-highest number of crypto ATMs with 1,999 and the fifth highest number of crypto ATMs per 100,000 people — and New York, which is also the highest scoring state in terms of cryptocurrency legislation, as eight bills have been passed, including the ‘AB 3906,’ which establishes that state agencies are allowed to accept cryptocurrencies as payments. However, its infrastructure isn’t as comprehensive with less than one crypto ATM per 100,000 people, according to the Index.

The study notes that Wyoming is seen by many as one of the most crypto ready states thanks to bills such as ‘SF 38,’ which allows for the formation of decentralized autonomous organizations.

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“Essentially this bill and others make it easier for crypto companies to set up in the state. This includes multibillion dollar crypto firms such as payment company Ripple and Kraken the major crypto exchange,” according to the study.

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Last updated: September 21, 2021

About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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