The ranking of US cryptocurrency cities is released! The richest city has an average of $55,000 in crypto assets per capita

Preface: CoinTracker, a cryptocurrency tax service company, released a report that analyzed cryptocurrency user data in major U.S. cities and compiled some interesting lists. For example, the city with the largest number of cryptocurrency users and the largest amount of cryptocurrency held per capita in the United States is San Francisco, where users hold more than $55,000 worth of cryptocurrency per capita. Surprisingly, Bitcoin is not the favorite currency of cryptocurrency users in this city.

(Photo from: tuchong.com)

The following is a translation of the report:

Owning cryptocurrencies has made a lot of people very rich over the past decade, with rising cryptocurrency prices making early adopters rich, but recent price drops leaving millions of late adopters in dire straits.

So who is buying crypto? At CoinTracker, we help people calculate crypto taxes and track their portfolios, so we have unique insights into how much wealth participants are accumulating and which cities are the biggest crypto players.

Before we get to the results, let’s take a moment to understand the analysis methods used in this study: We looked at data from thousands of anonymous CoinTracker users who used the service to calculate their cryptocurrency taxes from 2013 to 2020, and then analyzed the data of these users by geographic location.

We found that the top cryptocurrency city in the U.S. is San Francisco, followed by New York and Los Angeles. After adjusting for city population size, the city with the highest percentage of cryptocurrency users is actually Ashburn, Virginia, followed by Redmond, Washington, and San Francisco, California.

The richest cryptocurrency city is also San Francisco, where users hold more than $55,000 in cryptocurrency assets per capita. Although most cryptocurrency users in the United States have become wealthy because of Bitcoin, users in San Francisco are somewhat "different", with more than half of their cryptocurrency wealth coming from Ethereum (ETH).

San Francisco is the center of the cryptocurrency boom, with the largest number of cryptocurrency users in the city, followed by New York and then Los Angeles. Notably, San Francisco has twice as many cryptocurrency users as the third-place city, Los Angeles.

Not surprisingly, major cities such as New York, Los Angeles, Chicago, Houston, and Atlanta are among the top ten cities with the largest number of cryptocurrency users.

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

After adjusting for population size, the city with the highest density of cryptocurrencies in the U.S. is Ashburn, Virginia, with Redmond, Washington, home to Microsoft, in second place. Many smaller cities in Silicon Valley, such as Santa Clara, Mountain View, Sunnyvale, Palo Alto, and San Mateo, made the top 10. San Francisco and Seattle, two larger cities with many tech companies, also made the top 10, followed by Cambridge, Massachusetts, which is home to Harvard, MIT, and several tech companies.

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

The San Francisco Bay Area is home to the wealthiest users, taking the top four spots. San Francisco once again took the top spot, with users in the region holding more than $55,000 in crypto per capita, easily beating out the next-largest city, Palo Alto.

Finally, let’s take a look at how cryptocurrency wealth breaks down by coin, and how it differs between cities.

There is no doubt that Bitcoin is the most held cryptocurrency asset by Americans. Among all the cryptocurrency wealth of these users, more than half comes from Bitcoin, followed by Ethereum (ETH).

However, when we divide by city, another situation emerges:

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

Based on the above analysis, most of the American users who have become rich from the cryptocurrency boom come from places with a high concentration of technology companies. In terms of early adoption of cryptocurrency, places like San Francisco and the suburbs of Silicon Valley are at the forefront. In addition, places like Northern Virginia and Seattle have also seen a lot of users start using cryptocurrency. Many of these places have large technical communities, so there are a lot of people ready and willing to get into the forefront of cryptocurrency.