If you invest in cryptocurrency, you are sure to be curious as to which cities in the US are the most crypto-friendly. So, let us take a look at the top ten.
The Ten Most Crypto-friendly Cities
We can discover which cities are the most crypto-friendly by looking at a study performed by CoinTracker. The study looked at tens of thousands of anonymous people who used CoinTrackers crypto tax calculator between 2013 and 2020 and then analyzed the results by geographic location to find out which currencies are most commonly held in each city.
The findings showed that the number one crypto-friendly city in the US is San Francisco. The average crypto owner in the city has more than $55,000 in his or her crypto portfolio.
Also, San Fran stands out due to users in the city making over half of their wealth in cryptocurrency from Ethereum, unlike most crypto investors who make their fortunes from Bitcoin.
The other nine most crypto-friendly cities in the US after San Francisco are as follows:
1. New York.
2. Los Angeles.
3. Chicago.
4. Brooklyn.
5. Seattle.
6. San Jose.
7. Houston.
8. Austin.
9. Atlanta.
The Top Ten Locations with the Highest Density of Crypto Owners
To get a clearer idea of which areas are the most crypto-friendly, we need to look at population sizes. Adjusting for population size, we find that Ashburn in Northern Virginia is actually the top location. That is perhaps not too surprising as Ashburn is well known as the Mid-Atlantic’s technology hub.
Following Ashburn, the most crypto-friendly locations in the US based on the highest density of crypto owners are as follows:
1. Redmond, Washington.
2. San Francisco, California.
3. Santa Clara, California.
4. Mountain View, California.
5. Sunnyvale, California.
6. Palo Alto, California.
7. San Mateo, California.
8. Cambridge, Massachusetts.
9. Seattle, Washington.
Areas Where the Richest Crypto Owners Live
San Francisco comes out on top when comparing cities in the US that have the wealthiest crypto owners. As mentioned above, crypto users in San Fran have an average balance of over $55,000.
Following San Francisco, the nine areas where the richest crypto owners live are:
1. Palo Alto, California.
2. Oakland, California.
3. San Mateo, California.
4. Seattle, Washington.
5. New York, New York.
6. Tampa, Florida.
7. Pittsburgh, Pennsylvania.
8. Ashburn, Virginia.
9. San Diego, California.
The Most Popular Cryptocurrencies in the US
Unsurprisingly, Bitcoin is the most popular cryptocurrency used in the US. In fact, over half of all CoinTrackers users have built up wealth in Bitcoin. Ethereum is by far the widest second-most-used cryptocurrency.
Should you move to become wealthier from crypto investing?
If people have greater crypto wealth in certain locations, you might be considering relocating, in which case you may need to hire reputable moving companies in the cross-country category.
But of course, seeing as crypto investing is a digital process that you can do remotely from any location, it doesn’t really matter if you move or not in order to get wealthier from investing in crypto.
It is more important to learn cryptocurrency investment strategies if you want to build up wealth from crypto.
The Takeaway
Investing in cryptocurrency can be an excellent way of building a profitable portfolio. And while Bitcoin is notorious for rising and falling in price, it is still often the best crypto choice for investing, especially for new investors.
But it is also worthwhile investing in other cryptocurrencies like Ethereum, Tether, BNB, XRP, and Cardano. No matter where you are based, by learning how to wisely invest, you can make a handsome profit from investing in cryptocurrency.
