Crypto Ready
States
The USA is the most prepared country for the widespread use of cryptocurrency as we revealed in our global Crypto Ready Index thanks to its high number of crypto ATMs and legislation ruling.
But, which state within the country is the most crypto ready? By delving deep into crypto-related data across the United States we have been able to determine the most crypto ready states.
The top five crypto-ready states
We combined a number of factors including: crypto-related Google searches, the increase in searches, number of crypto ATMs, and the number of crypto-related bills passed to create an overall score out of ten for each state. The average score across all of the states was 3.18/10.
California
5.72/10
crypto-ready score
The number one ready state for cryptocurrencies is California as the west coast colossus had a total score of 2.54 more than the national average. There were 977 crypto-related searches per 100,000 people and there are 2,473 crypto ATMs, both of which are national highs, but no state-specific legislation.
New jersey
5.44/10
crypto-ready score
The second-highest scoring state is New Jersey, which trails California by just 0.28. New Jersey has the highest number of crypto ATMs per 10,000 square miles with 1,048 and also scores third-highest for searches per 100,000 people. It has the sixth-highest number of crypto ATMs per 100,00 people and has currently passed three bills.
Texas
5.28/10
crypto-ready score
The third most crypto-ready state is Texas, which is the second-largest US state in terms of area and also has the second-highest number of crypto ATMs with 2,396. It also has the second-highest total number of crypto-related searches totalling 205,700 and also has three bills passed.
Florida
5.03/10
crypto-ready score
We move down south to find the fourth highest-ranking state, Florida, scoring 5.03/10. It has the third-highest number of crypto ATMs with 1,999 and the fifth highest number of crypto ATMs per 100,000 people.
New York
4.29/10
crypto-ready score
New York finds itself as the fifth most crypto-ready state. It is the highest scoring state in terms of cryptocurrency legislation as so far eight bills have been passed. However, its infrastructure isn’t as comprehensive with less than one crypto ATM per 100,000 people.
Top crypto ready states
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The number of crypto ATMs
Cryptocurrency ATMs work in just the same fashion as a traditional cash ATM, the difference being that you connect to a cryptocurrency account rather than a bank account and you can use crypto ATMs to buy and sell crypto. Bitcoin machines are currently the most common crypto ATMs as it is the biggest cryptocurrency in the world, and there are a total of 21,047 currently across the USA.
Highest number of crypto ATMs
California
2.473
ATMs
California has the highest number of crypto ATMs with a total of 2,473 across the Golden State. This total is 2,043 more than the national average and means that 11.75% of the nation’s total crypto ATMs are located in California. The second-highest state was Texas with 2,396 ATMs, and Florida has 1,999 in third place.
Highest number of crypto ATMs per 100,000 people
West Virginia
18.7
/100,000
West Virginia has the highest number of crypto ATMs per person, as on average across the state there are 18.7 ATMs per 100,000 of the population. This total is far higher than any other state, as second-ranked New Mexico only has 10.8 crypto ATMs per 100,000 people.
Highest number of crypto ATMsper 10,000 square miles
New Jersey
1.048
/10,000
By far the highest-ranking state in terms of the number of crypto ATMs per 10,000 square miles is New Jersey, where there are 1,048. This is 358 more than the next best state, Connecticut.
The number of crypto ATMs per state
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Rank |
State |
Crypto ATMs |
Crypto ATMs |
Crypto ATMs |
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Crypto Google Searches
As cryptocurrencies are traded online, a lot of the interest around them is also generated over the internet. To discover how much interest there really is, we looked at the annual number of crypto-related Google searches from July 2020 to June 2021 and compared this against July 2019 to June 2020 searches to reveal which states searched for cryptocurrencies the most, and where interest has grown the most.
Most crypto searches per 100,000 people
California had the highest number of searches with 386,100 between 2020 and 2021 and it also topped the charts with the most searches per 100,000 people with 977. This is around 44 more than second-placed New York with 934 searches per 100,000 people. In New Jersey, there were 912 crypto-related searches per 100,000 people which ranked them in third.
Crypto Google searches
Year on year search increase
The biggest increase in interest appeared in South Dakota where there was a 62.3% increase in searches between July 2019 – June 2020 and July 2020 – June 2021. Kentucky saw the second-highest increase in cryptocurrency-related searches, as they rose by 39.8% and thirdly, Nebraska’s searches increased by 36.1%.
States where crypto interest is rising the quickest:
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Rank |
State |
Annual crypto-related |
Year on year search |
Annual searches |
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Crypto-related bills
As cryptocurrencies become more popular and influential across the country, state governments have begun to introduce legislation around the industry for tighter and more comprehensive regulation. Across the United States there have been 68 bills passed that relate to cryptocurrency, averaging 1.36 per state.
New York is the state with the highest number of cryptocurrency bills passed, totalling eight. This is three more than the next nearest pair of states, Kentucky and Wyoming. One bill that New York has passed is the ‘AB 3906’ which establishes that state agencies are allowed to accept cryptocurrencies as payments.
Wyoming is seen by many as one of the most crypto ready states thanks to bills such as ‘SF 38’ which allows for the formation of decentralised autonomous organisations. Essentially this bill and others make it easier for crypto companies to set up in the state. This includes multi billion dollar crypto firms such as payment company Ripple and Kraken the major crypto exchange.
Methodology
Crypto ATMs:
To find the number of Crypto ATMs in each state we used data from: https://coinatmradar.com We then found out the number of ATMs per 100,000 people and number of ATMs per 10,000 square miles by finding out the population and area of each state.
Crypto Searches:
We used Google Ads Keyword Planner to find the number of searches for cryptocurrency in each state in the last twelve months (July 2020 to June 2021), also comparing these to the searches in the previous twelve months (July 2019 to June 2020).
Crypto Legislation:
All the cryptocurrency-related bills were sourced from https://www.ncsl.org/research/financial-services-and-commerce/cryptocurrency-2021-legislation.aspx