As Bitcoin adoption grows, some cities are embracing the technology as hubs for businesses, events and lifestyles tailored to Bitcoiners.
This is an opinion editorial by Jenna Hall, a content marketing specialist with residential real estate brokerage Redfin.
Bitcoin has taken the world by storm since its creation in 2009. In fact, about 46 million Americans own bitcoin. And as its popularity continues to grow, so does the desire for those adopting it to utilize it in their everyday lives.
As a result, several cities in the United States have emerged as hotspots for Bitcoin enthusiasts, entrepreneurs and investors. Take a look at five cities leading the way in Bitcoin adoption and innovation, and what makes them such attractive destinations for Bitcoiners.
Washington State has a long history with Bitcoin and blockchain technology. In 2018, Wenatchee, a small town three hours east of Seattle, became an epicenter of bitcoin mining in the United States. Since then, cities in Washington like Seattle have seen a dramatic increase in both people and businesses interested in utilizing digital currencies.
Seattleites can buy and sell their digital assets at any of the 202 bitcoin ATMs in the city. Speaking of buying and selling, the state of Washington doesn’t tax the purchase of bitcoin — a unique advantage for Bitcoin enthusiasts living in the state.
Los Angeles, California
As a major center for technology and innovation, Los Angeles has a growing number of businesses and individuals experimenting with bitcoin and other digital currencies. Some individuals have even been able to successfully pay the rents for their apartments in Los Angeles using bitcoin.
The city has truly embraced the use of blockchain technology, with many boutiques, restaurants, toy stores, florists and other businesses accepting bitcoin as payment. In 2021, the iconic Staples Center was renamed Crypto.com arena, further cementing the relationship that bitcoin and other digital currencies have with the City of Los Angeles.
Miami mayor Francis Suarez has made it clear that he’s an advocate of digital currencies and wants to make Miami the “capital of crypto.” In fact, in 2021, Mayor Suarez became the first American politician to officially take his city salary in bitcoin and, in a recent interview, he said he’s still getting paid this way.
Every year, the City of Miami hosts several events and conferences for blockchain enthusiasts to attend, including the upcoming 2023 Bitcoin Conference, the largest Bitcoin conference in the world. There is also ample opportunity to use bitcoin in everyday life there, with the city having around 886 bitcoin ATMs and numerous shops, businesses and restaurants accepting bitcoin.
New York City, New York
With its prominence in both the financial and technological worlds, New York City is a prime destination for Bitcoin users and blockchain companies alike. The city’s position as a hub for cryptocurrencies was solidified in 2015 when the New York State Department of Financial Services introduced a licensing framework for virtual currency businesses, though many Bitcoin proponents have seen this as antagonistic to innovation.
Still, people living in New York have access to over 179 bitcoin ATMs and Consensus, one of the world’s largest cryptocurrency events, was launched in the city in 2015. The city’s mayor, Eric Adams, has said he’d like to see New York turned into a “Bitcoin hub,” taking the mantle from Miami.
San Francisco, California
With San Francisco being one of the biggest tech capitals of the world, it probably doesn’t come as a surprise that it’s also one of the top cities to live in for Bitcoin users. The city is a home to many well-known cryptocurrency exchanges that make buying and selling bitcoin possible, including Binance.US and Coinbase.
The San Francisco and San Jose areas boast 474 bitcoin ATMs and have a wide variety of businesses, restaurants, retail stores, nightclubs, hotels and property managers that accept bitcoin. The city also hosts many blockchain conferences and events, including the annual San Francisco Blockchain Week, when blockchain companies and enthusiasts come together from all over the world to discuss the future of digital currencies.
The world of Bitcoin is constantly changing and evolving, and so are the cities embracing it. From New York to San Francisco and beyond, each of the country’s Bitcoin hotspots has something unique to offer. Whether you’re looking for a thriving startup scene or a supportive community of Bitcoin enthusiasts, these cities are sure to provide an exciting environment for anyone looking to deepen their involvement in the world of Bitcoin.
Redfin does not provide legal, tax or financial advice. This article is for informational purposes only and is not a substitute for professional advice from a licensed attorney, tax professional, or financial advisor.
This is a guest post by Jenna Hall. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.