US crypto exchange Coinbase has released a report looking at “the growing interest in cryptocurrencies on the part of Americans, on a state-by-state level”.
The research, which involved 2,000 participants, found that 58% of Americans have heard of Bitcoin. Over the past year, more people searched on Google for Bitcoin than the “royal wedding” or “election results.”
To date, more than 70% of US states have enacted legislation that addresses cryptocurrency or blockchain. Whilst the top 10 US states for percentage of the population that owns crypto are: California, New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts.
“The most appealing thing about crypto and Bitcoin to me is the idea of a worldwide currency , that it can cross borders without having to factor in exchange rates or high transfer fees or long delays,” says Christopher, a 26-year-old small business owner in New Jersey. “Say I want to move to another country someday? My cryptocurrency would automatically come with me. My whole journey is not a get-rich idea. I just really believe in crypto and want the technology to succeed.”
“For people in my generation, I think it makes a lot more sense than stocks, bonds, inflated real estate, or other depreciating assets,” adds Harrison, a 30-year-old systems manager in Washington State. “I have no plans to trade or sell right now , there are price points where I might sell some, to pay off debt or pay off my condo. But the goal is to try to get actual economic freedom.”
Another participant comments: “A lot of the best opportunities in the stock market are only available to accredited investors, which is a tiny part of the American population. Cryptocurrency is available to everyone.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.