Bitcoin is big for business as global cities race to cash in on crypto craze
A new study by CryptoGo, a cryptocurrency brokerage, reveals the cities around the world where investors can visit and easily spend their Bitcoin. Researchers used services such as Yelp and Coinmap to identify the number of businesses that accept Bitcoin, number of Bitcoin ATMs and the number of Bitcoin meetups in each city.
David Merry, CEO of CryptoGo, which is part of the Investoo Group, the world’s biggest performance marketing company in the Forex, crypto and finance industries, says, “The acceptance of change, adaptation, growth and progression of Bitcoin is clearly taking place at a faster rate in some cities than others. However, this research shows that the Bitcoin community is present and thriving in many different locations around the world.”
Highlights from the study
- America’s cities are at the forefront of embracing Bitcoin, followed by Canada and Europe
- Although most mining takes place in Asian countries, its cities lack places to spend Bitcoin
- Bitcoin communities remain strong even when cities have minimal Bitcoin ATMs and business accepting it
Bitcoin Friendly Cities
The table below shows 10 of the most Bitcoin friendly cities in the world, ranked by the number of Bitcoin ATMs and supporting variables.
While Asian countries such as China and Japan dominate the Bitcoin mining space due to such factors as abundant and cheap electricity, their cities lack places for consumers to spend their Bitcoin. For example, the exchange volume distribution of Bitcoin from February 15 – March 15 stood at 47% in JPY, followed by 33% in USD, 14% in EUR and only 1.2% in GBP.
Bitcoin Mining Cities
The table below shows the notable cities in Bitcoin mining that have a much lower number of Bitcoin ATMs and businesses that accept the cryptocurrency.
The research reveals high demand for Bitcoin meetups around the world regardless of the number of Bitcoin ATMs and businesses that accept Bitcoin, demonstrating strong Bitcoin communities and high interest in the cryptocurrency. For example, Seoul with only one Bitcoin ATM has a disproportionately high number of Bitcoin meetups, at a total of 59.