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2023 Study: Top 10 US States by Crypto Interest

4 mins
Updated by Shubham Pandey
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In Brief

  • Cryptocurrency adoption is growing around the world with the US playing a crucial part.
  • A study shows the search interest for crypto-related terms in each state, uncovering the top states for cryptocurrency enthusiasts this year.
  • Nevada is the state showing the most interest in crypto so far this year.
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Crypto fanatics have grown worldwide, with the United States (US) representing a significant rise. Despite regulatory struggles, different states in the US account for most crypto enthusiasts in 2023. 

As of Jan. 2023, the global crypto ownership rate surged over 420 million at an average of 4.20%. This sheds light on the growing landscape for crypto adoption across the geography. Herein, the United States is considered one of the countries with the highest number of cryptocurrency enthusiasts worldwide.

Global Crypto Adoption
Global crypto adoption | Source: Triple A

Several factors have fueled the growth of the cryptocurrency industry in the country. Such as the widespread adoption of blockchain technology and the increasing number of crypto-friendly businesses. Even the availability of digital assets on popular trading platforms.

Data from Triple-A shows more than 46 million crypto users in the country. This is made even more evident that more than 80% of all crypto ATMs installed worldwide exist in this region. So, the United States has 13.74% of its total population who are crypto users.

Crypto Users in USA Source: Triple-A
Crypto Users in USA Source: Triple-A

One of the main reasons for the popularity of cryptocurrencies in the US is the growing awareness of the benefits of blockchain technology. The decentralized nature of blockchain offers a transparent and secure way to conduct transactions. Thus, making it an attractive alternative to traditional financial systems. Moreover, the ability to track and verify transactions using blockchain technology has increased its appeal to businesses and investors.

Companies Integrating Crypto Payments

Another factor contributing to the growth of the cryptocurrency industry is the increasing number of businesses that accept digital assets as payment. From small local shops to large multinational corporations, many businesses have recognized the benefits of accepting cryptocurrencies as payment. This trend has helped increase the adoption of digital assets. Thereby making it easier for crypto enthusiasts to spend their holdings.

Biggest Pro Crypto Brands
Biggest brands are accepting crypto payments | Source: triple-A

In addition, the availability of digital assets on popular trading platforms has made it easier for people to invest in cryptocurrencies. Many of these platforms offer a user-friendly interface that simplifies buying and selling, making it more accessible to new and experienced investors. 

Furthermore, the increasing number of cryptocurrency exchanges and trading platforms in the country has created a competitive market that has helped to drive innovation and improve the quality of services offered. To sum it up, crypto-traction in America continues to increase despite a few regulatory setbacks. Zooming in, different states showcased a similar scenario accounting for most crypto enthusiasts in 2023. 

Nevada with the Most Crypto Enthusiasts in 2023

Cryptobetting.org established the search interest for crypto-related terms in each state, uncovering this year’s top states for cryptocurrency enthusiasm. The report was shared with BeInCrypto via mail. 

US States by Crypto Enthusiasm
Top States for Crypto Enthusiasm. Source: Cryptobetting.org

As the table above shows, Nevada took that first spot in accounting for a state with the most interest in digital assets. Nevada scored highly when searching for cryptocurrency terms, websites, apps, prices, news, and advice in 2023, per capita. 


“The Silver State has carried out crypto-related searches at a rate of almost two thousand per 100k residents, the highest rate in America.”

The state has implemented several blockchain-friendly regulations and has been working to attract cryptocurrency and blockchain companies. In fact, in 2019, Nevada became the first state to recognize blockchain technology in its legal code.

It is worth noting that several cryptocurrency and blockchain-related companies are headquartered or have a significant presence in Nevada, including Blockchains LLC, a company developing a “smart city” built on blockchain technology, and Bitcoin ATM provider CoinCloud. 

Nevada has been very welcoming to cryptocurrency and blockchain technology, and the state will likely continue to be a hub for innovation in this space.

Other States On the List

California and New York also accounted for the following two places, respectively, with proportional population searches just below 1,900 per 100,000 individuals. Unsurprisingly, the search volume for crypto-related terms in California and New York is increasing. These two states are among the largest in the United States and are also centers of innovation and finance.

California is home to Silicon Valley, known for its tech companies and startups. Many of these companies are involved in developing blockchain technology and cryptocurrency. Additionally, California is a hub for venture capital investment, and many investors are interested in funding crypto-related projects.

On the other hand, New York is a financial hub, with many of the world’s largest financial institutions headquartered in the city. The New York Stock Exchange (NYSE) and the Nasdaq are in New York City. As a result, many investors and financial professionals in New York are interested in cryptocurrencies as a new asset class.

Furthermore, here’s a list of other regions in the top ten under the discussed cohort. 

Data sets shared by Cryptobetting.org via email
Source: Cryptobetting.org

Discussing US’s Potential as a Crypto base

Speaking to BeInCrypto, the team at Cryptobetting.org stated: 

“Cryptocurrencies kicked off 2023 with their highest levels in months. Cryptocurrency offers freedoms from traditional financial infrastructure, and with its constant development, it’s fascinating to keep up to date with the places taking the largest interest in this area.”

Despite the growing popularity of cryptocurrencies in the United States, the industry still faces several challenges. One of the main challenges is the need for clear regulatory frameworks for digital assets. While some states have taken steps to regulate cryptocurrencies, there still needs to be more consistency in the regulatory landscape across the country. This has created uncertainty for investors and businesses, making it difficult for them to navigate the legal requirements.

Final Thoughts

In conclusion, the United States is still considered one of the countries with the highest number of cryptocurrency enthusiasts in 2023. Several factors, including the widespread adoption of blockchain technology, the increasing number of crypto-friendly businesses, and the availability of digital assets on popular trading platforms, have fueled the growth of the cryptocurrency industry in the country. 

Top crypto projects in the US | June 2024

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Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Shubham1.png
Shubham Pandey
An engineer and an accountant by degree, Shubham ventured into the crypto world to pursue his passion. He believes digital currencies will redefine our economies in the decades to come, which drove his transition into this industry. Shubham has a multicultural background, having lived across India, Qatar, Oman and Australia. He is currently settled in Melbourne. As a News Writer, Shubham aims to actively analyze trends in the crypto world and break it down for everyday readers.
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