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15.August 2022

Is New York the Worst Place For A Crypto Business? Study Unveils

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The study created a ranking that measures the best and worst states in this country to conduct crypto business. In that way, it seeks to measure which state is more likely to capture the “inevitable” future growth supported by cryptocurrencies and digital assets.

Per the results, West Virginia is the worst place in the United States for a crypto business. Followed by Hawaii, Louisiana, Vermont, and Tennessee. Some of these states attempted to ban Bitcoin and cryptocurrencies.

The state of New York, which has been creating a lot of buzz for its approach to the nascent asset class, surprisingly ranked number eight of the 50 states. This suggests that interest in digital assets continues to be strong, despite the statements of key public figures.

As Bitcoinist reported, the state’s Attorney General (AG) Letitia James warned its citizens about “putting money into crypto”. The public official called the sector “unstable”, and “unpredictable”, and highlighted this market’s negative performance.

New York is moving to ban proof-of-work (PoW) based mining. This has sent an alert to Bitcoin miners in the region who could be forced to move out of the state if the bill is voted into law.

Despite these events, the state has 17 quality crypto businesses and a high job search interest, the study found. In addition, over 12 businesses per capita are currently using digital assets as a form of payment.

This suggests people are not in-tune with their government officials. The latter has been turning more hostile towards the nascent class, as New Yorkers continue to adopt it and embrace its innovations.

As seen below, from a score of 0 to 100, with the latter being the best place for crypto businesses, California, Illinois, Kansas, Texas, Utah, and Nevada have been trying to adopt the nascent asset class. Overall, the study records a persistent interest in digital assets:

Even with new legislative interest in regulating the market more heavily, searches for cryptocurrency and blockchain jobs dramatically increased in the past year. Rising search interest in blockchain and crypto jobs shows that the workforce is increasingly interested in careers in blockchain tech and lauded Web3 technology.

The study interviewed 595 business owners and arrived at interesting conclusions. Two in five of the respondents claimed to use digital assets as part of their business strategy. These business owners believe cryptocurrencies will be “widely used” in the next 5 years.

At the time of writing, Bitcoin (BTC) trades at $29,100 with a 4% loss in the last 24-hours.

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