February 19, 2024 (Investorideas.com Newswire) A new study has identified the states that are most likely to invest in cryptocurrency, with New York being crowned as the most likely to invest.
The research, conducted by cryptocurrency tax software CoinLedger, used search volume data from Google Keyword Planner to identify which states were searching the most for crypto-related terms, such as ‘crypto advice’ and ‘crypto news’.
On average, in the US, residents interested in cryptocurrencies search for crypto-related terms 641 times a month per 100,000 residents.
The study revealed that New York was the most likely to invest in crypto. It was revealed that, on average, New York residents search for crypto-related search terms 978 times a month per 100,000 residents – this was 52% more than the average American.
Nevada was revealed as the second-most likely to invest in cryptocurrency. It was revealed that in Nevada, there are 894 crypto-related searches each month per 100,000 residents monthly.
The third most likely state to invest in cryptocurrency, according to research, is California. Crypto investors search on average for crypto-related terms such as ‘crypto-news’ 869 times per 100,000 residents monthly.
New Jersey is the fourth state with the most interest in crypto; the data has shown, on average, residents in New Jersey search for cryptocurrency terms, such as ‘crypto news’ and ‘crypto advice’, 839 times a month per 100,000 residents.
The fifth state most likely to invest in cryptocurrency is Massachusetts. In Massachusetts, residents were found to search for crypto-related terms 821 times a month per 100,000 residents.
The top ten states most likely to invest in cryptocurrencies
However, not everyone in America is so keen to invest in or learn about cryptocurrencies, as the study shows that residents in Mississippi have the least interest in cryptocurrency nationwide. The data revealed that, on average, Mississippi residents only search for crypto-related terms 278 times per 100,000 residents a month; 56% less than the average American resident.
West Virginia is the second least likely state to invest in cryptocurrencies, with residents, on average, searching for these terms 294 times per 100,000 residents a month. Surprisingly, this is 57% less than residents in Virginia, who were revealed to be the tenth most likely to invest in cryptocurrency.
The research shows that the third least likely state to invest in cryptocurrency is Kentucky; residents in Kentucky have shown little interest in crypto, only searching on average 359 times a month per 100,000 residents.
The study revealed that the fourth and fifth states that are least likely to invest in cryptocurrencies were Louisiana and Arkansas, respectively; in Louisiana, residents only search for crypto-related terms 363 times a month, while in Arkansas, they search 364 times a month.
The top ten states least likely to invest in cryptocurrencies
A spokesperson from CoinLedger commented on the findings, “As cryptocurrency interest has grown over the years, it’s no surprise that more people want to invest more now than ever. With a Bitcoin halving expected to happen soon, many people will be considering starting to invest in crypto.
“It is crucial to conduct thorough research before making any financial decisions related to cryptocurrencies. As many currencies are highly volatile and vulnerable to fraudulent activities, it is essential to seek expert advice to manage them effectively and minimize the risk of losses.
“These findings solidify New York’s place as a global finance hub, with New Yorkers leading the nation as the most interested in crypto nationwide by some distance.”
Methodology
Google Keyword Planner was used to determine the average nationwide and state-specific monthly search volume for crypto-related terms. Terms used included “Crypto app,” “Crypto price,” “Crypto news,” and “Crypto advice.” All figures rounded up.
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