San Francisco is deemed as the number one crypto city in the U.S. with the most crypto users, followed by New York and Los Angeles, according to a study conducted by CoinTracker, which is a portfolio and tax calculator for cryptocurrency.
The study also shows that there are twice as many crypto users in San Francisco as in Los Angeles, the third place city.
The major cities in the U.S. including New York, Los Angeles, Chicago, Houston, and Atlanta are among the top 10 cities with the most crypto users.
However, when adjusted for the population size of a city, Ashburn in Virgina has the most crypto users per capita, followed by Redmond in Washington and San Francisco.
A number of smaller cities in Silicon Valley such as Santa Clara, Mountain View, Sunnyvale, Palo Alto, and San Mateo make the top ten, based on crypto users per capita. Two large cities such as San Francisco and Seattle, with many tech companies, also make the top ten.
San Francisco Bay area has the wealthiest crypto owners, with the average CoinTracker user having more than $55,000 in their crypto portfolio, followed by Palo Alto and Oakland.
San Francisco users have also been unusual in having made over half of their crypto wealth from Ethereum, while people across the country made their fortunes from Bitcoin.
The study shows Bitcoin as the top cryptocurrency that makes up people's wealth in most of the U.S. cities. More than half of all crypto wealth among CoinTracker users is in Bitcoin, with Ether being a distant second at almost half that of Bitcoin. The rest of the 15 tokens' usage ranges between 4.1 percent and 0.1 percent by CoinTracker users.
The study was conducted by analyzing data from tens of thousands of anonymized CoinTracker users who used their service for calculating crypto taxes from 2013 to 2020 in the U.S. The data was also analyzed by geography and which currencies are most commonly held among them. CoinTracker crossed 100,000 users across the U.S. recently.
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