During the bear market, it’s hard to envision things improving. But they will. And when they do, it would be smart to be in a good position to capitalize on the next bull run.
Just like retail investors can take advantage of a bull run, so can states. But how do we figure out which state is in the best position to take advantage of the next wave of crypto adoption? Fortunately, an investment firm called Invezz has done all the hard work for us in a recent study titled “US Crypto Report: Which States in the US Are Most Ready for Crypto Adoption?”
From the jump, Invezz states that Florida is the most prepared state for widespread crypto adoption, followed by Texas and Illinois. It’s also notable that California and New York are the top states for blockchain startups.
One thing to remember is that each state in the US can make its own laws regarding crypto adoption and use. For example, Texas has some strict laws limiting its residents from using Binance US. In hindsight, it might have been wiser to ban FTX…thanks a lot Scam Bankman-Fraud.
Ok, so Invezz used a bunch of variables to give a total score out of 10. Here are the aggregate scores of the top 3 states:
- Florida – 9.35/10
- Texas – 8.71/10
- Illinois – 8.03/10
The variables used to calculate the total score include:
- Total Bitcoin ATMs
- Bitcoin ATMs per 1,000 people
- Capital Gains Tax rate
- Crypto Searches per 1,000 people
- Total # of Blockchain companies
- Blockchain companies per 1,000 people
Here are the results for the top 3 states broken down by variable:
One of the keys to making big gains is not having any capital gains tax. And that is where we see Florida and Texas excel. There is another big drop-off in total Bitcoin ATMs when looking at Illinois.
The total number of blockchain companies was pretty even between Florida and Texas, but then Illinois fell off again with 259 fewer blockchain companies than Texas. Another clear variable where Florida won is the number of blockchain companies per 1k people, coming in at 2.46. For context, the last-place state of Vermont literally had zero blockchain companies at all.
Anyway, that’s the study. There’s a lot more data and categories that Invezz looked at. It’s a broad overview kind of study but still has some valuable data. Cheers!
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