Cryptocurrency’s “Paradise Land”? Demand for Cryptocurrencies in Hawaii, U.S., to Grow Over 687% by 2021

Hawaii’s demand for cryptocurrencies grows by more than 687% over 2020, even more than California (655%), according to the report.

A new report from MIQ Digital shows that Hawaii and California have the highest growth in demand for cryptocurrencies in the U.S. in 2021.

Cryptocurrency's "Paradise Land"? Demand for Cryptocurrencies in Hawaii, U.S., to Grow Over 687% by 2021

Based on data collected by Google Trends, MIQ Digital compared average interest from 2020 to 2021, reporting that demand for cryptocurrencies in Hawaii has increased by more than 687 percent over 2020, even surpassing California (655 percent). However, users are most likely to find businesses willing to accept crypto payments in California, where there are currently 440 businesses willing to accept crypto payments, compared to 180 in Florida.

“Cryptocurrencies may not yet be part of the mainstream economy, but demand is so high in some states that U.S. financial authorities are looking for ways to regulate the market,” the report said.

“Interest in cryptocurrencies in the U.S. has surged by more than 3,000 percent in the last five years. Approximately 6% of the U.S. population now uses or owns cryptocurrencies, and the trend continues to grow. In fact, as many as a quarter of U.S. investors are now entrusting their money to the crypto market.”

The report adds that Dogcoin (DOGE) has seen the largest price increase, jumping 6,900 since December 2020. interest in Dogcoin across the U.S. has increased by 1,781%, with Dogcoin hotspots being Alaska, California, North Dakota, and Washington.

Corporate and crypto retail investors may be attracted to different states depending on the regulatory framework. Since the U.S. government has largely left the regulation of cryptocurrencies to individual states, states with less grid regulation like Texas may be more attractive to crypto miners. Wyoming is attracting blockchain companies through the efforts of pro-cryptocurrency Senator Cynthia Lummis and Caitlin Long, CEO of digital bank Avanti Bank & Trust.

However, Hawaii lawmakers have also been working to make the state a regulatory haven for crypto traders and businesses. Early last year, the state began considering a bill that would, among other things, support banks hosting digital assets. Last March, Hawaii also created a digital currency sandbox designed to attract crypto businesses to the state.

The acceptance of cryptocurrencies by U.S. businesses is slowly growing. To date, about 2,300 U.S. businesses accept bitcoin.

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