California, The Most Crypto-Ready State In The US

California, is the state that is ready to implement cryptocurrency in the US. (photo: doc. Indonesian Ministry of Foreign Affairs)

JAKARTA - California has emerged as the most prepared jurisdiction for the use of cryptocurrencies in the United States. This is thanks to the proliferation of cryptocurrency ATMs and the growing interest in digital assets among the population in the state. The statement comes from new industry research from the review site Crypto Head.

With a score of 5.72 out of 10, California outperforms New Jersey (5.44), Texas (5.28), Florida (5.03), and New York (4.29) in the crypto-ready index. The state's point total is also 2.54 points higher than the national average.

The results are tabulated using metrics such as crypto-related Google searches, the presence of Bitcoin (BTC) and other cryptocurrency ATMs, and the number of blockchain-related bills legalized in each state. California ranks first in Google searches related to crypto per 100,000 and in the number of crypto ATMs. These positive factors offset the state's lack of crypto-focused legislation.

In comparison, New York has passed eight crypto-focused bills but is 33rd in terms of crypto ATM installations. New Jersey has the highest number of crypto ATM installations per 10,000 square miles and scores the third-highest score for searches per 100,000 people. Texas and Florida also scored well for ATMs and search overall.

Despite regulatory uncertainty and looming infrastructure bills that could affect key segments of the blockchain economy, the United States continues to be a global leader in cryptocurrency adoption. In 2020, the volume of BTC trading in the US exceeds that of Europe, Nigeria, and China combined.

For the same year, Americans posted US$4.1 billion in realized profits on their crypto trading, far more than any other country. The US also leads the world in Bitcoin ATMs, accounting for 86.4% of total installations, according to industry sources.

Crypto's success in the United States stems largely from its status as an investable asset class. As such, other adoption metrics don't rank nearly as high.

In August, financial comparison site Finder ranked the US as 26th out of 27 countries in terms of crypto holdings among residents. Emerging markets that rely more on remittances — such as in Southeast Asia and Latin America — rank much higher.