United States of Crypto? Half of New Yorkers Have Owned Cryptocurrency But It’s a Very Different Story in Dallas
Will New York remain the frontrunner for crypro adoption in the U.S.? | Credit: Shutterstock
- 40% of New Yorkers currently own crypto, while an additional 10% have owned it previously.
- Texas has a big cohort of citizens that have never heard of crypto.
- Those in Dallas seem to have paper hands as they lead the way in terms of people who have previously owned crypto.
- The number of people who have never heard of crypto in the U.S. is dwindling.
Crypto’s permeation into the mainstream has seen Bitcoin advertised at the Super Bowl, Adidas promoting a Bored Ape, and meme coin Floki plastered on London’s Tube system. However, the wave of adoption has not taken hold across the entire globe.
In the U.S., according to a survey conducted by Censuswide exclusively for CCN, New York City has emerged as the leader of crypto adoption. Forty-eight percent of respondents from the Big Apple reported to own, or have previously owned crypto.
On the other end of the spectrum, a large portion of people in Texas is only just finding out about Bitcoin and the magical internet money. Sixteen percent of Austin residents and 18% of those in Dallas have never heard of crypto.
An Increasing Amount of U.S. Crypto Natives
According to the U.S. city data, New Yorkers are the current kings of hodling. An impressive 40% of respondents surveyed said they currently hold some form of cryptocurrency. This ties in with the 10% that say they have held crypto in the past, but not currently, making New York City a popular home for crypto enthusiasts.
With that being said, some of the major cities in Texas are home to the most crypto-naive residents. Sixteen percent of people from Austin have never heard of crypto, with 18% of those from Dallas also clueless. However, it is Detroit, with 19 percent unaware of crypto, that scoops the prize for the most oblivious.
Crypto is Becoming Hard to Ignore
While Detroit, Dallas, and Austin lag in terms of those who are in the know, the percentage of people in major U.S. centers that have at least heard of crypto without owning it is remarkably high.
Phoenix and San Francisco boast 76% and 69%, respectively, of people who know what the Bitcoin buzz is all about but are yet to drink the digital Kool-Aid.
Austin again sits low on the list of people in the know who are not hodling with 36%, but with 29% admitting to currently owning, and a further 19% saying they have owned in the past, crypto might be quite polarizing in that part of Texas.
No Longer Left in the Dark on Crypto
Relatively speaking, the number of people who are still oblivious to crypto in the U.S., in 2023, is surprisingly low for what is still considered a niche sector. Single digits in percentages of crypto naives register in San Jose (9%), San Antonio (7%), Phoenix (4%), Denver (9%), Chicago (9%) and Boston (8%).
An Unavoidable Trend
Crypto’s permeation into the mainstream continues to gain momentum to a point where it is almost unavoidable and actually rather attractive. As a nascent technology, its path to a massive wave of adoption rests in people’s awareness, as well as the use of crypto.
The CEO of MicroStrategy, and one of the biggest Bitcoin Bulls around, Michael Saylor, points out that the wave of adoption may be harder to join later down the line.
“Bitcoin is the dominant digital monetary network. The next billion members will pay trillions to join. You might want to join first,” Saylor said.
Of course, Saylor is on one side of the spectrum, but there are others — quite a lot of gravitas, such as Warren Buffet — who think this whole thing will end badly.
“In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending. If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it, but I would never short a dime’s worth,” Buffet said in 2018… long before its rally to nearly $70,000 in 2021.
With New York showing the way when it comes to usage, even Dallas’ naivety is unlikely to stand in the way of potential adoption in the years to come.
