Article by Wayne Duggan
Analysts are predicting that cryptocurrency and blockchain-related businesses could scoop up billions in business in coming decades, and U.S. states are recognizing the potential economic benefits.
Wyoming Makes A Move
Wyoming is reportedly in the process of introducing a number of cryptocurrency-friendly bills aimed at making the state the blockchain capital of the U.S. On Feb. 16, Wyoming introduced Senate Bill 111, which would exclude cryptocurrency from property taxation. The bill is part of the state’s push to make Wyoming a haven for blockchain-based businesses.
Wyoming has no state income tax, but the IRS currently classifies bitcoin and other cryptocurrencies as property. The property tax bill is the first of four crypto-friendly bills Republican state senators plan to back in Wyoming.
Other States Make Crypto Plays
Wyoming isn’t the only state that recognizes the value of cryptocurrency. Arizona recently passed a bill allowing residents to make their tax payments using cryptocurrencies starting in 2020. Tennessee recently introduced legislation recognizing cryptocurrency as legal tender and smart contracts and other digital transactions as valid under state law.
New York, the financial capital of the U.S., is also making a major push to lure blockchain business to the state. New York’s first-ever “Blockchain Week” takes place the week of May 11 and is organized by the New York City Economic Development Corp.
New York has more blockchain-related jobs than the San Francisco Bay Area, according to the analytics firm Burning Glass.
Top Crypto Cities
While states clamor to land cryptocurrency business, investors across the country have been scooping up cryptocurrency investments.
Residents of Jacksonville, Florida invested more than twice as much money in cryptocurreicies in December 2017 than residents of any other U.S. city, according to a StatusMoney report. Jacksonville cryptocurrency investors put an average of $31,468 in cryptocurrency holdings in December, topping Memphis, Tennessee ($15,748) and Albuquerque, New Mexico ($12,479) as the top crypto hot spots for investors.
“We looked at transactions in and out of major crypto exchanges and we can see when someone moves money from [a] checking account to Coinbase and other major crypto exchanges,” StatusMoney founder Majd Maksad told Benzinga.
On a total volume basis, the much larger cities are accounting for the majority of cryptocurrency trading. StatusMoney reported that New York City had the highest overall share of the nation’s cryptocurrency trading volume at 6.9 percent, followed by Chicago (4.9 percent) and Jacksonville (4.2 percent).
New/Upcoming Releases to Watch
Looking For Cryptocurrency Project/Token/ICO/Gambling Site or Company Promotion?
We are the best in the business! Learn more here
If This Article Was Beneficial In Any Way feel free to Subscribe to Our Blog! (It’s Free)
Happy Trading! If you’re just here to learn that’s great too!
To register for a trading account on an exchange use one of the links below. Our referral links are there and you’ll receive a discount on all trades and be eligible for bonuses!
The information provided on this website does not constitute investment advice, financial advice, trading advice or any other sort of advice and you should not treat any of the website’s content as such. CryptoClarified does not recommend that any cryptocurrency, game or token should be bought, sold or held by you and nothing on this website should be taken as an offer to buy, sell or hold a cryptocurrency, token, game or anything similar. Do conduct your own due diligence and consult your financial advisory before making any investment decision.
Accuracy of Information:
CryptoCurrency Clarified will strive to ensure accuracy of information listed on this website although it will not hold any responsibility for any missing or wrong information. You understand that you are using any and all information available here AT YOUR OWN RISK.
The price of Bitcoin and other cryptocurrencies are highly volatile. It is common for prices to increase or decrease by over 20–100% in some coins in a single day. Although this could mean the potential for huge profits, this also means the potential for huge losses. The same goes for CryptoCollectible games which can be wildly speculative. DO NOT INVEST ALL YOUR MONEY IN CRYPTOCURRENCIES. Only invest money which you are willing to lose.
Cryptocurrency trading may not be suitable for all users of this website. Anyone looking to invest in cryptocurrencies should consult a fully qualified independent professional financial advisor.Link to source