New research from Invezz has looked at factors such as the number of crypto ATMs in each state, their accessibility, blockchain companies and the number of online searches for crypto to reveal the most crypto-ready states in the US.
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The 10 Most Crypto-Ready States
| Rank | State | Bitcoin ATMs | Bitcoin ATMs per 100,000 people | Capital Gains Tax | Crypto Searches per 1,000 people | Blockchain Companies | Blockchain Companies per 100,000 people | Crypto-ready score/10 |
| 1 | Florida | 3,187 | 14.63 | 0.00% | 210.28 | 536 | 2.46 | 9.35 |
| 2 | Texas | 4,101 | 13.89 | 0.00% | 169.89 | 459 | 1.55 | 8.71 |
| 3 | Illinois | 1,714 | 13.53 | 4.95% | 176.30 | 200 | 1.58 | 8.03 |
| 4 | Nevada | 362 | 11.51 | 0.00% | 213.83 | 135 | 4.29 | 7.96 |
| 5 | Massachusetts | 813 | 11.64 | 5.05% | 210.06 | 231 | 3.31 | 7.82 |
| 6 | Arizona | 748 | 10.28 | 4.54% | 170.12 | 318 | 4.37 | 7.55 |
| 7 | Georgia | 1,301 | 12.05 | 5.75% | 171.53 | 168 | 1.56 | 7.25 |
| 8 | Pennsylvania | 1,355 | 10.45 | 3.07% | 152.18 | 193 | 1.49 | 7.21 |
| 9 | California | 3,693 | 9.41 | 13.30% | 236.07 | 2,670 | 6.80 | 7.18 |
| 9 | Delaware | 145 | 14.45 | 3.40% | 143.14 | 204 | 20.33 | 7.18 |
The research reveals:
- Miami, Florida is regarded as a crypto capital for its active engagement with the burgeoning crypto-economy. Miami has one of the highest numbers of Bitcoin ATMs per person with 14.63 per 100,000 people, as well as one of the highest rates of public interest in crypto with 210.28 Google searches for crypto topics per 1,000 people.
- Texas takes second place for crypto preparedness with a crypto-ready score of 8.71. This is a state with no state-level Capital Gains Tax, making it fertile ground for crypto enthusiasts, while also benefiting from having 13.89 Bitcoin ATMs per 100,000 people and high levels of public and business interest in the sector.
- Illinois has a high number of Bitcoin ATMs in the state, paired with a growing number of blockchain businesses, showing that the state is making great strides towards making cryptocurrency a viable alternative to fiat currencies in the state. In fact, the Blockchain Technology Act, which came into effect at the start of 2020, provides a statewide framework for the use of blockchain technology.
Further study insights:
- Vermont is the only state with no Bitcoin ATMs.
- Wyoming has the most blockchain companies per 100,000 people at over 20, while California has the most overall with 2,670.
- California has the highest number of annual searches for crypto per 1,000 people at 236.
- Rhode Island has the highest number of Bitcoin ATMs per 100,000 at over 15, as well as the most crypto ATMs per square mile, averaging 165 per 1,000 sq. miles which is 21% higher than the second highest state, New Jersey with 130.
- Texas has the most Bitcoin ATMs in total with 4,101 in the state.
- 9 states have no state-level capital gains tax meaning crypto investors in these states could see higher returns as they only have to consider the federal CGT.
- New York has the most comprehensive laws with currently 19 crypto-related bills passed.
Here is the full study for you to look over.
