Usually, location data isn’t relevant for those in the crypto space. Isn’t that the beauty of digital currency?
However, building a culture that normalizes the use of cryptocurrencies requires communities that are fast adaptors to new technologies that offer a stepping stone for users, like bitcoin ATMs.
Bitcoin ATMs make it easy to buy and sell bitcoin and allow access to more users. So, knowing where these machines are concentrated can provide quick insights into local communities supporting the use of cryptocurrencies.
In this latest study from moveBuddha, they’ve found the top cities in the US and around the world with concentrations of bitcoin ATMs (bATMs) compared to city populations and
GDP to uncover some new and unique data-focused insights.
What Cities Stand Out?
The list of cities uncovered includes large metropolitan cities but also hones in on smaller-sized communities with surprising numbers of crypto-minded folks.
For example, have you ever heard of Harrisburg, Pennsylvania? This small town of less than 50,000 ranked as the number one city in the US for the total number of bATMs per 10,0000 residents. Though on the smaller size in terms of population, the crypto community is thriving here.
If you are looking to meet other crypto-enthusiasts, you can sign up to attend an event hosted by the 300 member-strong area Blockchain and Cryptocurrency meetup group.
Another unexpected city that topped the list is Raleigh, North Carolina. Taking a look at local GDP, Raleigh had the most bATMs per $10 Billion GDP.
Using the same metric, the small town of Little Rock, Arkansas, comes in at #9. This is noteworthy because the city’s GDP is not very high, but what’s causing the crypto-craze is that the state is especially popular for mining bitcoin thanks to the affordable cost of power.
See the infographic below for more insights: The World’s Most Crypto-Friendly Cities.
The study goes on to highlight international cities that stand out, like Tbilisi, Georgia.
Did you know that this country of less than 4 million is the 2nd largest miner of cryptocurrency in the entire world? Thanks to hydropower and virtually no federal regulation, this city is a surprising pioneer in bitcoin adoption.
The study even includes a Twitter scrape of +100,000 users actively participating in #bitcoin and #crpyto -conversations.
Conclusion: Where Do Crypto Enthusiasts Actually Live?
Well, that’s the real question. Isn’t it? In the scape of Twitter location data, many users categorizing themselves as #bitcoin or #crypto affiliated cited “Earth” or “Global” or “Moon” or “Luna” or EVEN “Mars” as their location.
While the beauty of bitcoin is that it can be used no matter where you are, just like any new innovation or radical change, there must be real adaptation at the ground level. That’s why looking at cities installing bitcoin ATMs can provide evidence of local communities ready to make systematic changes.
Crypto adoption is indisputably on the rise, and more and more businesses and even governments are accepting it as a new standard. Measuring the adoption of cryptocurrencies is complicated, but what is clear is that communities both large and small are embracing virtual currency.
Keep an eye out on smaller cities with thriving education systems catering to financial technologies or areas offering affordable (ideally renewable) energy for mining.