LA is the Most Crypto-friendly City in the U.S. for Small Business Owners

Jafrin  |  Sep 25, 2021

In a recent study conducted among small business owners and top-level executives in the United States, it was revealed that Los Angeles (LA) is the most crypto-friendly city in the country.

LA is the Most Crypto-friendly City in the U.S.

According to a research study by the online invoicing company Skynova, conducted among 600 executives and small business owners about their perception of accepting cryptocurrencies, it was found that LA comes first when it comes to crypto ATMs and merchant acceptance.

The Skynova study called “Accepting Bitcoin,” attempts to determine the most bitcoin-friendly cities in the United States.

The study revealed that 32% of small businesses owners and top-level executives said that their business currently accepts cryptocurrencies with Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) as the most commonly accepted cryptocurrencies.

“Los Angeles was the top-ranking city for all three factors of this study: crypto-ATMS, the number of restaurants that accept crypto, and the number of local retailers that accept crypto. Generally, businesses that accept bitcoin as payment tend to be located on the coast.”

While Chicago ranked second for ATMs and for Bitcoin-accepting restaurants, Illinois is home to one of the largest Bitcoin mining facilities in the Midwest.

Small Business Owners Hesitant to Crypto Due to Volatility

Other key facts from the survey show that close to half of the participants don’t accept crypto and do not plan to in the future.

“1 out of 4 small businesses owners and top-level executives that do not accept cryptocurrencies would like to do so, but their companies do not have the knowledge on how to do so."

The study highlighted that a key reason for businesses still resisting cryptocurrency is the volatility of the market while another 45% felt it was just too risky for their businesses to accept crypto. Meanwhile, over a third admitted that they didn’t know enough about it yet while 17% believed cryptocurrencies were harming the environment with 16% fearing the implications of every transaction being public.

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