Study: Colorado Is One of the Most Active States for Crypto

In a recent poll, Colorado ranks amongst the highest states when it comes to crypto activity.

Colorado Ranks High When It Comes to Crypto Activity

The study was conducted by Cryptobetting.org. The platform looked at all the crypto activity occurring within the 50 states of the American union, and as it turns out, Colorado placed eighth. The state is amongst the youngest regions of the country, and it’s also one of the most tech-friendly according to a separate poll.

All this makes sense in many ways given how the region has fallen victim to a wide array of digital currency scams in recent months. According to a statement by the Federal Bureau of Investigation (FBI), several residents have fallen victim to crypto scams in Colorado centering around USDC, a prominent stable currency. The statement also provided advice for how to avoid falling victim to a scam. It read:

In a common scenario, the victim is approached on a social media platform, dating app, or discussion forum with a cryptocurrency investment opportunity. The victim is directed to a link or phone number to set up the investment account. This is a scam. The link or phone number is controlled by the fraudster, who has set up a fictitious support site. Once the victim transfers the funds, the fraudster disappears with the money.

Naturally, a lot of crypto activity is going to give rise to a few bad actors here and there, so it seems accurate that the digital currency trading occurring within Colorado has grown in recent weeks to earn it a place on this poll’s list. The study also suggests that for every 100,000 people in the state, approximately 1,710 crypto-related searches occurred online. The state presently ties in this department with regions like Virginia and Massachusetts.

Despite Colorado’s high rank, it does not beat Nevada, which currently (as it did last year) lists as the top state for digital currency friendliness. That state saw close to 2,000 crypto-related searches online for every 100K people, thus beating out the Centennial State by a hefty margin. Among the lowest activity states was Mississippi, which only saw about 686 searches for every 100,000 residents.

The top five top crypto states were Nevada as number one, followed by California, New York, New Jersey, and Washington in that order.

New York Is Crypto Friendly?!

The inclusion of New York in the top five is a surprise given just how non-friendly the region’s regulators have been over the past several years. Things got off to a negative start in 2015 when the state introduced the BitLicense, a document that proved so rigid and expensive it caused many digital currency companies to exit the Empire State for good.

NY attorney general Leticia James has also developed a habit of going after several crypto firms in court.

Tags: Colorado, crypto activity, nevada, New York