Interest in Bitcoin, Ethereum and cryptocurrencies continues to expand in the United States. But there are 5 states where citizens are leading the way in crypto adoption.
Bitcoin and Ethereum are the most important cryptocurrencies on the market, and not only because of their capitalization and daily trading volume. These two cryptocurrencies have sparked great interest in the population, becoming the most popular and in-demand assets in the United States and around the world.
To demonstrate how important Bitcoin and Ethereum have become to the American population, cryptocurrency pricing platform CoinGecko has conducted a research study to analyze web traffic related to these two major cryptoassets within the country, classifying the results by state, for both Bitcoin and Ethereum.
Let's see which are the 5 states that are most interested in these two cryptocurrencies.
The states most interested in Bitcoin and Ethereum in the US
The report released by CoinGecko this month is based on data collected between May 2 and August 21 of this year. The platform analyzed web traffic on Bitcoin and Ethereum websites within the United States and indexed the data on a scale of 0 to 100.
The state that recorded the most web traffic on Bitcoin and Ethereum pages on CoinGecko was California, obtaining a score of 100. They are followed by Illinois y New York, in second and third place, respectively, with scores of 21,4 and 17,2. Florida St y Washington DC They occupy fourth and fifth place, respectively, with scores of 14,3 and 8,6.
Source: CoinGecko
In all these states Bitcoin's market share was higher than Ethereum'sIn fact, the cryptocurrency platform analyzed data from 20 US states, resulting in an average market share of 76% for Bitcoin in the country's major states.
On the other hand, from California to Washington DC, the top 5 states interested in Bitcoin and Ethereum maintain or are developing a friendly environment for cryptocurrencies and blockchain technology.
California
California is considered to be one of the world's leading technology centres, so it's no surprise that it's the state most interested in Bitcoin and Ethereum in the United States, commented Bobby Ong, co-founder and COO of CoinGecko.
California is currently considering a bill which, if approved, will give the green light to cryptocurrencies and companies related to this industry to develop legally and responsibly within its jurisdiction. Likewise, the governor of California, Gavin Newsom, signed an executive order in early May following the guidelines given by US President Joe Biden, to boost development in the financial and economic sector through new technologies and Web3.
Illinois
Illinois is one of the US states that has been promoting the use of cryptocurrencies like Bitcoin in paying taxes.
Through House Bill 5287, which was passed by the state House of Representatives last year, the Illinois Department of Revenue could begin accepting cryptocurrency payments. One of the main proponents of this bill is state representative Margaret Croke, who in April of last year stated that Illinois was prepared for serve as a global hub for the booming cryptocurrency industry.
In addition to Bill 5287, Croke has also been promoting the bill 3968, which seeks to allow companies to safeguard and maintain cryptoassets on their balance sheets.
New York
New York is known as one of the world's leading financial hubs, where Bitcoin and Ethereum have been gaining traction in recent years. The state has a business license focused on cryptocurrencies and digital assets, called the BitLicense.
Furthermore, New York City has a pro-Bitcoin mayor, Eric Adams, who has pledged to drive economic development through cryptocurrencies and also has its own cryptocurrency, called NYCCoin, developed by the Stacks protocol on the Bitcoin network.
Although the state has developed controversial regulations regarding Bitcoin mining, and despite the controversial BitLicense, overall, New York leaders and lawmakers want to turn the state into a major hub of innovation and development for the crypto industry.
Florida St
Earlier this year, Florida Governor Ron DeSantis signed an executive order directing an analysis of ways the state can Promote the use of cryptocurrencies to boost its innovation and development.
According to DeSantis, one of the state of Florida's main goals in the crypto industry is to introduce its use as a means of payment, to allow companies to pay their state taxes using this class of digital assets. The state of Florida also wants to become friendly to the crypto industry in general, which is why Governor DeSantis allocated a total of $2022 dollars in his 500.000 budget to finance blockchain projects.
The issuance of blockchain-based titles by the state Department of Highway Safety and Motor Vehicles is one of the pilot projects promoted by Florida to encourage the use and adoption of new technologies.
Washington DC
Although Washington DC has remained skeptical of cryptocurrencies, in April of this year, its governor Jay Inslee approved bill 5544, authorizing its agencies to create a working group to Exploring the potential of blockchain technology.
Bitcoin and Ethereum dominance in the crypto market
Currently, Bitcoin holds a dominance of almost 38% in the crypto market, while Ethereum holds a dominance of almost 19%, so both cryptocurrencies dominate 57% of the entire crypto market value, which is $1,01 trillion at the time of writing.
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