Cryptocurrency rankings in the U.S. released! Richest cities hold $ 55,000 in crypto assets per capita

Written in front: CoinTracker, a cryptocurrency taxation service company, released a report that analyzed data on cryptocurrency users in major U.S. cities and calculated some interesting lists, such as the number of cryptocurrency users in the United States and the largest number of coins per capita The city is San Francisco, and per capita users in the city hold more than $ 55,000 in cryptocurrencies. Surprisingly, the most preferred cryptocurrency user in this city is not Bitcoin.

(Picture from: tuchong.com)

The following is the translation of the report:

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In the past 10 years, owning cryptocurrencies has made many people very wealthy. The rise in the price of cryptocurrencies has made early adopters gain a lot of wealth, but the recent decline in prices has left millions of late adopters in trouble. .

So who is involved in buying cryptocurrencies? At CoinTracker, we help people calculate cryptocurrency taxes and track their portfolios, so we have unique insights into issues such as “how much wealth the participants have accumulated, and which cities are deep cryptocurrency participants”.

Before giving the results, let's take a moment to understand the analysis method used in this research: we have looked at the data of thousands of anonymous CoinTracker users who calculated the 2013-2020 period using CoinTracker's services Cryptocurrency taxation. Then, research analyzes the data of these users by geographical location.

We found that the number one cryptocurrency city in the United States is San Francisco, followed by New York and Los Angeles. After adjusting the size of the urban population, the city with the largest proportion of cryptocurrency users is actually Ashburn, Virginia, followed by Redmond, Washington, and San Francisco, California.

The richest cryptocurrency city is also San Francisco, which has more than $ 55,000 in cryptocurrency assets per user. Although most cryptocurrency users in the United States are rich because of bitcoin, users in San Francisco are somewhat "alternative". More than half of their cryptocurrency wealth comes from Ethereum (ETH).

San Francisco is at the center of the cryptocurrency boom, with the largest number of cryptocurrency users in that city, followed by New York, and then Los Angeles. It is worth noting that San Francisco has twice as many cryptocurrency users as Los Angeles, the third city.

Not surprisingly, major cities such as New York, Los Angeles, Chicago, Houston, and Atlanta have become the top ten cities with the most cryptocurrency users.

The following figure shows the 50 cities with the largest per capita cryptocurrency assets holdings (the highest ranked city index is 100):

After adjusting the population size, the US ’s densest cryptocurrency city is Ashburn, Virginia, and the second largest is Redmond, Washington, where Microsoft ’s headquarters is located. Many smaller cities in Silicon Valley, such as Santa Clara, Mountain View, Sunnyvale, Palo Alto and San Mateo, are among the top ten. San Francisco and Seattle, the two larger cities with many technology companies, also entered the top ten, followed by Cambridge, Massachusetts, which is also home to Harvard, Massachusetts Institute of Technology (MIT), and some technology companies.

Now that we have identified the most popular places for cryptocurrencies across the United States, how many cryptocurrency assets do participants hold? The following table shows the situation in major U.S. cities as of February 2020:

The San Francisco Bay Area is home to the richest users, and the area occupies the top four. San Francisco topped the list again, with users in the region holding more than $ 55,000 in cryptocurrency per person, easily defeating Palo Alto, the second largest city.

Finally, let's look at how cryptocurrency wealth is broken down by currency, and how cities differ.

There is no doubt that Bitcoin is the largest cryptocurrency asset held by Americans. More than half of the cryptocurrency wealth owned by these users comes from Bitcoin, followed by Ethereum (ETH).

But when we divide by city, another situation arises:

In some cities, most people's wealth is created by holding Ethereum. Among them, the cryptocurrency users in the San Diego area are mainly holding Ethereum (66%), and the same is true for San Francisco's cryptocurrency users. similar situation.

According to the above analysis, most of the US users who became rich from the cryptocurrency boom came from places where technology companies are highly concentrated. In the early adoption of cryptocurrencies, San Francisco and the suburbs of Silicon Valley took the lead.In addition, in places such as Northern Virginia and Seattle, many users have begun to use cryptocurrencies, and many of them have large technical communities. Many people are ready and willing to go to the forefront of cryptocurrencies.

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