Bitcoin is quickly becoming an accepted form of currency. Miami is integrating cryptocurrency into its monetary systems while others are considering taking the plunge. A Los Angeles landlord is now accepting rent payments made in bitcoin. Although it is gaining ground, cryptocurrency will need greater public accessibility before its use can expand further. According to Coin ATM Radar, more than 18,000 Bitcoin ATMs are operating across the country. However, the majority of ATMs are mainly available in the major metropolitan areas of the country.
A recent report from moveBuddha ranked U.S. cities based on Bitcoin ATM adoption and found that top jurisdictions depend on factors considered in the analysis. The report used data from the US Census Bureau, United Nations Department of Economic and Social Affairs, and other sources to determine the top Bitcoin ATM cities based on number of Bitcoin ATMs, number of Bitcoin ATMs per 10,000 inhabitants and the number of Bitcoin. ATMs for $ 10 billion in GDP.
When evaluating cities based on the number of existing Bitcoin ATMs, Los Angeles, California ranked first with 1,065 machines available. Los Angeles has significantly more Bitcoin ATMs than the other nine cities that filled the top 10; Chicago, the second city, has 400 fewer than LA. Unsurprisingly, all of the cities that are in the top 10 in terms of the number of ATMs are associated with large metropolitan areas with growing technology sectors.
However, not all metropolitan areas were on the list. New York City, for example, was not ranked in the top 10, despite being the largest city in the United States in terms of population. Los Angeles was the only city in California, leaving out the Bay Area cities that surround Silicon Valley’s main tech hub.
The report also ranked the best US cities for Bitcoin ATMs while factoring in population density and saw different results. When the analysis took into account the number of Bitcoin ATMs per 10,000 residents, only four of the original cities – Atlanta, Miami, Newark, and Orlando – remained in the top 10. Harrisburg, Pa., Was top ranked with 16.24 Bitcoin ATMs per 10,000 residents, beating Orlando’s second place by more than three.
Bitcoin is the most expensive cryptocurrency, worth 14 times more than the next cyber currency, which could impact the demand for Bitcoin ATMs. To account for this economic relationship between cryptocurrency and a city, moveBuddha ranked cities a third time to take into account gross domestic product. Harrisburg grows to the fifth best city with just 20.05 Bitcoin ATMs for 10 billion GDP of GDP. Orlando, again, stays in the top 10 and comes in second behind Raleigh, NC
Despite being the highest ranked city by GDP, Raleigh had only the fourth highest GDP ($ 84 billion) on the list, behind Orlando ($ 139 billion) and the sixth and seventh best Tampa and Indianapolis (159 billion and 141 dollars). billion, respectively).
One of the reasons for the success of some of the smaller towns in this category could be that bitcoin mining is extremely expensive, so areas with lower land and utility prices are usually able to afford it. reduce operating costs.
Orlando is the only city to make all three lists, suggesting that the mid-sized city may be the best overall for Bitcoin ATM adoption, although it never ranks first for any. category.