New research has revealed the best state for cryptocurrency enthusiasts, with California coming out on top.
Personal finance experts at DollarGeek analyzed a range of factors relating to the availability and popularity of cryptocurrency in each state, including the number of cryptocurrency ATMs, crypto-friendly businesses, searches, and crypto job listings.
It found that California is the best state for cryptocurrency, having the best balance of bitcoin ATMs, crypto friendly businesses, crypto jobs and crypto interests of any state. It has roughly 9.44 bitcoin ATMs per 100,000 people, 44.84 crypto friendly businesses per 100,000 and 189.41 crypto job listings per 100,000. California has the most searches for the cryptocurrency of any state when accounting for population, indicating a considerable interest in crypto in the state.
Nevada comes in a close second place, with the Western state receiving a score of 96.65 out of 100 in the study. There are roughly 12.13 bitcoin ATMs per 100,000 people in the state and 92.04 crypto friendly businesses for every 100,000 total. There is also a strong interest in cryptocurrency, with an average search score of 96.5 out of 100. 97.34 crypto job listings for every 100,000 total shows substantial employment opportunities for crypto lovers as well.
Coming in third place is New Hampshire, which scored 92.69 out of 100 for the crypto score. It has the highest share of crypto friendly businesses on the list, with 200.78 friendly businesses per 100,000. Despite having the lowest overall searches for crypto with 65 out of 100, the state balances this out with a high amount of bitcoin ATMs, with 11.43 per 100,000 people.
| # | State | Bitcoin ATMs per 100,000 people | Number of crypto friendly businesses per 100,000 businesses | Crypto job listings per 100,000 listings | Average crypto search score | Crypto Score /100 |
| 1 | California | 9.44 | 44.84 | 189.41 | 97.5 | 100.0 |
| 2 | Nevada | 12.13 | 92.04 | 97.34 | 96.5 | 96.65 |
| 3 | New Hampshire | 11.43 | 200.78 | 43.12 | 65 | 92.69 |
| 4 | Florida | 14.79 | 30.45 | 52.67 | 85 | 79.04 |
| 5 | Utah | 6.55 | 42.56 | 154.00 | 75 | 78.33 |
| 6 | Illinois | 13.38 | 13.49 | 84.70 | 72.5 | 74.37 |
| 7 | Colorado | 9.83 | 53.99 | 64.65 | 79.5 | 72.48 |
| 8 | Massachusetts | 11.78 | 22.29 | 57.87 | 83 | 71.17 |
| 9 | Connecticut | 14.92 | 17.03 | 40.52 | 72.5 | 70.10 |
| 10 | New York | 1.03 | 27.54 | 172.38 | 83 | 69.84 |
Florida comes in fourth place, with a crypto score of 79.04 out of 100. The state comes in with the fourth-highest amount of bitcoin ATMs, with 14.79 per 100,000 people. There is also a strong interest in crypto in the state, with a search score of 85 out of 100. It also has 52.67 crypto job listings per 100,000 total listings.
Rounding out the top five is Utah, receiving a crypto score of 78.33 out of 100. The state has the third-highest number of crypto job listings, with 154 per 100,000 total listings. There is also a reasonably strong interest in cryptocurrency in the state, with a search score of 75, followed by 42.56 crypto friendly businesses per 100,000 businesses.
The study also assessed political allegiances, comparing each state’s crypto score with how it voted in the 2020 Presidential election. The study found that the average score for Democrat-voting states came out to 65.76 out of 100 – considerably higher than the average for states that voted Republican, 51.35. Eight of the top ten states in the study voted blue in November 2020, with only Utah and Florida opting for red.
Commenting on the findings, a spokesperson from DollarGeek said: “As interest in cryptocurrencies continues to grow, so will the number of business keen to integrate crypto into their operations, whether that is by accepting payments, or offering crypto-related services. This data shows that some states are considerably more engaged with the world of crypto than others, and therefore will be much more attractive for people who are heavily invested in the industry.”
This study was conducted by DollarGeek, a personal finance site that leverages large sets of data to recommend financial products and strategies to users, all for free.