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With 2018 shaping up as the year of regulatory reckoning, knowing where cryptocurrencies are welcomed is essential. BBNN has already compiled a guide detailing the most crypto-friendly U.S. states, but our globally minded readership requires we take a wider lens.
The Top 5
The cryptocurrency brokerage, CryptoGo, published a study evaluating which cities worldwide have the greatest number of crypto-accepting businesses, ATMs, and meetups. What follows, are the top five cities they named.
#1 Los Angeles. Considering it has 145 ATMs and 45 Blockchain meetups, it’s no wonder LA ranked. However, the reported 878 businesses ranging from restaurants to realtors, that accept cryptocurrency as payment, seem to be why LA tops the list.
#2 Toronto. Though only 73 businesses accept crypto as payment in Toronto, the city boasts 120 ATMs and 43 blockchain meetup groups. Many have speculated Canada will arise as a new global center for crypto mining. With China cracking down on miners, Canada’s cheap electricity, cold temperatures, and stable government are looking pretty attractive.
#3 New York. We have long heard about the growing number of merchants adopting Bitcoin in the Big Apple, of which CrptoGo puts the current number at 561. With an additional 117 Bitcoin ATMs and an impressive 161 Blockchain meetups, New York looks more and more like a crypto enthusiasts’ paradise.
#4 Atlanta. Atlanta’s global economic relevance is unequivocally on the rise. It has replaced Hollywood as the center of the movie industry in the US and is becoming a significant center for FinTech, with over 70% of all transactions in the US passing through Georgia. Considering this with its 107 Bitcoin ATMs, 73 Bitcoin adapted merchants and 16 Blockchain meetups; Atlanta is a welcomed addition to the top five.
#5 Miami. Floridians are known to love themselves some crypto. So much so that earlier this year the Tampa Bay Times reported that a Florida State employee was arrested for allegedly mining crypto while on the clock. Boasting that sort of dedication, Florida’s most global city, Miami, was a shoe-in. With nearly 200 merchants accepting Bitcoin, 83 ATMs scattered across the city, and 26 different meetups, Miami has the fifth best infrastructure for the use of crypto worldwide.
That’s Not All
CryptoGo likewise compiled data on the top cities for mining, with Singapore, Melbourne, Buenos Aires, Tokyo, and Seoul comprising the top five.
Out of this pool of the world’s premier mining-hubs, however, the average number of bitcoin-accepting businesses is a mere 36. This is accompanied by a dismal average of 4 ATMs, with both Buenos Aires and Seoul reportedly only having one.
Though these cities are mining meccas, they clearly lack the infrastructure for the daily use of Crypto.
The Big Picture
Examining these two sets of data side by side, the trend is clear. Though the bulk of crypto is mined in Asia, North America and Canada lead the way in adoption. The only other non-US cities that broke the top ten for infrastructure were London, Vancouver, and Vienna.
Hopefully, as the regulatory saga continues, crypto adoption does not disappear from these cities. If it does, it will be at the detriment of their respective economic landscapes.