Florida Is Most Equipped For A Wide-Spread Crypto Adaption Of All U.S. States

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The cryptocurrency market and blockchain technology movement has changed financial systems worldwide by decentralizing the global finance system allowing swift transactions and cutting down the costs of moving funds globally.


The US Crypto Market

Across all crypto news and metrics, it is clear that the US is a firm adopter and leads within the global crypto market space, with the U.S. crypto market at an estimated 1.6 billion USD market size and projected to hit 2.2 billion USD by 2026. The U.S. currently hosts a network of 33,865 Bitcoin A.T.M.s, 87.1% of all global crypto A.T.M.s installed. Also, the United States shows its global crypto dominance by contributing 37.8% of the bitcoin hash rates worldwide. These statistics only reflect the crypto adoption and readiness of some U.S. states as they differ based on each state’s approach and regulations.

In the U.S. today, each state has the power to make up its mind and laws about cryptocurrency – as regulations, accessibility (A.T.M.s), and ease of use vary from one state to the next. Currently, the attitude towards cryptocurrency use and blockchain technology in many U.S. states is very positive as many investors and companies are rising daily, with the strong public interest in the revolution of global financial markets. However, this upward cryptocurrency adoption momentum does not occur in all U.S. states. Some states are not yet open to the idea of cryptocurrency as a viable and possibly the main channel of payment and for conducting business within the local economies.


Florida Tops Crypto Adoption in US states

According to new research conducted by Invezz to reveal which states in the U.S. are ready for full-on crypto adoption, the leading state is Florida, followed by Texas, Illinois, Nevada, and Massachusetts to make up the top 5 U.S. crypto-ready states. Florida, with a score of 9.35/10, is the leading state because of the foundation put in place by favorable legislative cryptocurrency laws. These laws reflect in the number of bitcoin A.T.M.s per person and per square mile, rising public interest in crypto through Google searches, and the increasing rate of blockchain companies that currently exist and do business within the state. Florida is also experiencing an increase in businesses that accepts bitcoin as legal payment and its capital gains tax. There are also overwhelming sentiments about cryptocurrency within Florida.

Florida ranks at the top percentile of U.S. states on all metrics and parameters of crypto adoption and readiness. Also known as the sunshine state, Florida has a highly crypto-enlightened population and increasing local crypto-economy, with many regarding Miami as the United States crypto capital. This is further shown by Francis Suarez (Miami’s mayor), a firm proponent and supporter of cryptocurrency who receives his city salary in Bitcoin. At the same time, most of Miami’s popular sporting infrastructures bear the name - F.T.X.

According to the Invezz 2022 study, Maimi ranks in the highest percentile of Bitcoin A.T.M.s per person with 14.63 per 100,000 people while also possessing one of the highest percentages of public interest in cryptocurrency in the U.S. with 210.28 Google searches for crypto topics per 1,000 people.

Within the United States territory today, all cryptocurrencies and blockchain crypto trading are subject to Capital Gains Tax (C.G.T.) on all profits made from all crypto investments. While a Federal Capital Gains Tax rate for all American citizens conducting crypto transactions already exists, U.S. states can choose to place their C.G.T. on top of the federal version of the crypto tax. Therefore, all states with low or zero state-levied Capital Gain Tax make perfect spots for the rise and adoption of crypto, making it very easy for residents, investors, and companies to invest in businesses and investments, strengthening the local crypto economy within the state.

Florida ranks in the same category as states such as Washington, Wyoming, South Dakota, New Hampshire, Alaska, Nevada, Texas, and Tennessee, which offer 0% capital tax gains to cryptocurrency investors and companies. This regulation has pushed and will continue to drive cryptocurrency investor growth within these states as the leniency of state taxes on crypto enterprises is sure to attract both capital and human resources to local crypto economies.

The ratio of crypto and blockchain businesses within a state is one of the easiest ways of determining how evolved the crypto economy is. In Florida, there are currently 536 crypto companies in operation, especially around Miami, which makes it a prominent location for the economy in the state. Florida is just behind California (2,670 companies) and New York (1,260 companies).


Conclusion

In conclusion, Florida is the most equipped state for a wide-spread crypto and blockchain adoption of all U.S. states because it ranks within the highest percentiles of crypto adoption metrics and has a population that is actively engaged in its local crypto economy. Florida’s great legislative foundation is the key driver of cryptocurrency proliferation and popularisation in the state.


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Disclaimer: This article is not investment advice.

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