Cryptocurrency Status – Which State Is The Most Interested In Crypto?
By the time you read this piece, the world’s cryptocurrency status already achieved an amazing 12.51 percent increase.
Amazing (or any other word better than this) because that increase translated to a crypto market volume of $97.18 billion, according to CoinMarketCap.
The next 24 hours could be another increase – or decrease, given the unpredictable nature of the cryptocurrency market.
Despite that, one of America’s wealthiest states still took a risk on this digital currency.
Who could have predicted California would take a legal measure to boost the crypto market at least within its territory?
COPYRIGHT_BUG: Published on https://www.bugbog.com/cryptocurrency-status/ by Velma Battle on 2022-07-02T12:16:05.416Z
Yes, it’s the rich state being referred to earlier as the one taking the risk.
In the land of Coachella, Hollywood, and Silicon Valley, California is bent on raising the cryptocurrency status.
California moves to boost crypto industry
Only recently, the office of the governor of California published a report that would forever change the cryptocurrency status in that state.
Governor Gavin Christopher Newsom, as announced by his office on May 4, 2022, signed an executive order to promote crypto.
For one, according to the said E.O., California will “explore opportunities to deploy blockchain technologies to address public-serving and emerging needs.”
California’s 40th governor said:
Too often government lags behind technological advancements, so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive.
Indeed, the governor’s office recognizes the crypto market as a “burgeoning industry” that the state needs to delve into.
In addition, increasing the cryptocurrency status in California supports the aim of President Joe Biden to make “emerging products and services” clearer to the general public through a regulation or law.
Governor Newsom's new executive order has just accomplished that.
Prior to the signing of the E.O., 537 organizations related to the business of cryptocurrency have already been operating in California, according to business website Crunchbase.
Financial site The Motley Fool stated in a January 2022 article that California “has 2,473 crypto ATMs.”
New York-based business company Fundera reported that as of 2021, there were 440 establishments in California accepting Bitcoin payments.
In a report published in November 2021, Pew Research Center shared the result of its study that could help determine the cryptocurrency status in the U.S.
The Washington-based think tank found out that:
Sixteen percent of Americans say they have ever invested in, traded, or used cryptocurrency.
Moreover, 43 percent of American male adults (18-29 years old) did the same.
When NBC conducted its own poll, where 1,000 Americans participated, 21 percent of them “at least once used or invested in crypto.”
NBC said that the poll result “shows how much the relatively young industry has taken off in recent years.”
In New Mexico, a strong cryptocurrency status has been validated this 2022 as evidenced by the growing presence of Bitcoin ATMs.
Merely seven operated in 2020.
According to Yahoo! Finance, from a study by American fintech company SmartAsset, New Mexico will have 306 Bitcoin ATMs in 2022.
Another research, this time by a group of trading experts, reveals the willingness and readiness of the United States to explore the crypto world.
Business and financial news site Benzinga reported that Safe Trade Binary Options evaluated data from crypto-related Google Trends for 2021.
Its research produced the following findings:
- California is the state “most interested” in cryptocurrency.
- The second most interested state is New Jersey.
- Third is Nevada.
- Fourth, Washington.
- Fifth, Florida.
- Sixth, Hawaii.
- Seventh, Colorado.
- Eight, Arizona.
- Ninth, Massachusetts.
- Tenth, Connecticut.
People from these states often searched for the phrase, “invest in crypto.”
Those from New Jersey Googled the following terms the most:
- Shiba Inu Coin
Though Uncle Sam’s keenness to improve cryptocurrency status can be seen more through the above-mentioned states, a spokesperson for Safe Trade Binary Options remarked:
Interestingly, New York ranks in twelfth place, despite being widely considered the finance capital of the world.
The Motley Fool identified Texas and Wyoming as ideal states to invest in cryptocurrency.
Bitcoin mining consumes large amounts of electricity. The low cost of energy in Texas makes it a friendly place for crypto mining.
Wyoming also implements “some of the most crypto-friendly regulations” in the country.
Considering all the states mentioned in this article, The Motley Fool still hailed California as the number one state for crypto investment.
With the latest executive order, expect California’s cryptocurrency status to intensify in the coming days.
The cryptocurrency status varies on what part of the world one is right now.
Take a quick look based from recent reports by Yahoo! Finance:
- In Germany, the government fortified its crypto securities registry.
- In the U.S., Mexican restaurant Chipotle now accepts digital coin payments, such as Bitcoin payments.
- In New York, an estimated 10 percent of Gemini employees will be laid off. Gemini, a crypto exchange and custodian, blames the “turbulent market conditions” affecting the cryptocurrency industry.
- Now in relation to that, from across the globe, a number of Bitcoin miners are thinking of quitting and selling their coins.
- Texas-based Bitcoin-first company Compass Mining said:
At the very least they are feeling the pain after the last major dip in price . . . it seems miners may be hitting a wall in profitability.
- In Asia, fears have been “renewed” among crypto investors as Bitcoin price dipped “below $30,000.”
- In South Korea, the government takes a hard stance against crypto.
As of this writing, per CoinMarketCap, some of the top cryptocurrency prices are as follows:
- Bitcoin (BTC) – $29,692.59
- Ethereum (ETH) – $1,793.90
- BNB (BNB) – $300.38
- Monero (XMR) – $198.29
- Litecoin (LTC) – $62.79
The following states welcome cryptocurrency trading:
- New Jersey
According to German statistics website Statista, Bitcoin is America’s most popular crypto (2021-2022).
Ethereum comes second and then Dogecoin.
Americans are also interested in Shiba Inu, Stellar, Litecoin, Cardano, and Binance Coin.
When it comes to business and finance, The Motley Fool has been one of the most trusted references for several years now.
Its top five best places to invest in crypto are:
As of June 2022, Forbes recommends these U.S.-based crypto exchanges:
- Coinbase (particularly for beginners)
Per a Statista report published in February 2022, that country is Vietnam.
Aside from the U.S., other countries where cryptocurrency is widely used:
- South Africa
The crypto regulation signed by Governor Gavin Newsom was cheered at for its apparent impact on the cryptocurrency status in California.
However, it was also sneered at.
A Los Angeles Times article pointed out what the governor and his office missed upon signing the executive order: crypto’s “environmental impact.”
Cryptocurrency mining consumes a lot of electricity.
Consequently, high energy consumption, according to L.A. Times, is detrimental to the environment.
Alex Stack, the governor’s spokesperson, clarified that the office will prioritize the safety and health of the environment.
History has so many stories about how nature suffered as mankind sought progress.
As the state that’s most interested in crypto, perhaps it’s possible for California to pursue a strong cryptocurrency status without harming Mother Nature.