Banking & Finance

This Is the City With the Most Bitcoin Use

Bitcoin, the most popular cryptocurrency, did not exist just a few years ago. Today, the value of bitcoins across the world has been put at $742 billion.

Bitcoin is a digital currency. There has been heated debate about future value. JPMorgan CEO Jamie Dimon has mocked cryptocurrency

Proponents of cryptocurrency say it could replace traditional money, and possibly even gold.

One major question about Bitcoin and other cryptocurrencies is that if they are real currency, why can so few people use them to buy items and services people purchase every day?

SkyNova looked at the use of Bitcoin by American cities. To help it come to conclusions it used data from Coinmap.

The goal of the research, titled “Accepting Bitcoin Payments,” was to find how many cryptocurrency ATMs there are by city, how many restaurants accept it as payment and how many retailers will take it as well. Some of the data came from a poll of 584 small business owners and 401 top-level executives. The authors of the research pointed out:

With both this qualitative and quantitative information, we were able to determine the most bitcoin-friendly cities and see how business owners are planning to approach cryptocurrency in the future.

Nearly a third, 32%, of small business owners and senior executives said their businesses accept cryptocurrency. About a quarter of small businesses and senior executives who run companies that do not take cryptocurrency would like to, but many of these actually do not know how to.

From the research, 24/7 Wall St. used cryptocurrency ATM counts to determine the city with the most Bitcoin use. Alternatively, we could have picked use at restaurants and retailers.

The city with the most Bitcoin use was Los Angeles, followed by Chicago, Houston and Atlanta.

There are the cities with the most Bitcoin use:

  • Los Angeles
  • Chicago
  • Houston
  • Atlanta
  • Dallas
  • Miami
  • Detroit
  • Orlando
  • Newark
  • Boston
  • New York City
  • San Francisco
  • Seattle
  • Las Vegas
  • Portland

Click here to see what Americans think about investing in Bitcoin.