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According to a new report issued by cryptocurrency research firm Crypto Head, the United States is the most-ready nation to initiate full scale cryptocurrency adoption.
Crypto Head Puts the U.S. in the Number One Spot
Crypto Head is basing its figures on several factors, including the amount of bitcoin and crypto-based ATMs the U.S. has within its borders. Thus far, the United States has more than 17,000 bitcoin ATMs stationed throughout the country. In second place was Canada, which at press time, has just over 1,700, clearly suggesting that the United States has a huge technical advantage.
In addition, Crypto Head says that the United States boasts a high number of crypto-related online searches. It also offers the most crypto useability for both retail investors and banks alike and offers the easiest access to crypto assets of all the countries on the list. Other nations rounding out the top ten include the United Kingdom and Singapore.
In a statement, Crypto Head explained:
Our research also found that the United States is the most-ready for consumers, even though the government has been slow with regulation clarity over the last few years, which has actually driven most crypto business overseas.
Where the United States has arguably failed in its readiness for crypto adoption is in the lack of speed and prowess it has employed when implementing appropriate regulations that will allow for further innovation and growth. A clear example comes in the form of the Securities and Exchange Commission (SEC). Despite four years of bitcoin ETF applications showing up at its door, the agency has yet to give the greenlight to one of them, often rejecting them before even exploring the applications in full.
As a result, Canada has emerged on top in the crypto ETF space. The U.S.’s neighbor to the north beat its southern companion earlier this year when it became the first nation on Earth to release two cryptocurrency ETFs; one based on bitcoin, the other based on Ethereum.
In addition, financial regulators have instilled further rules that could potentially place limits on future crypto activity in the United States. A big example comes in the form of a new IRS law that requires the reporting of all crypto transactions exceeding $10,000.
Cyprus Is Also a Top Nation
Another nation holding a top spot in Crypto Head’s report included the European island nation of Cyprus, which according to Crypto Head, does not employ any crypto ATMs just yet, but does feature a wide array of online crypto-related searches, often averaging over 33,000 searches for every 100,000 residents. The company explained:
This level of interest is the highest of any country in the world and is a 139.6 percent increase from the previous year. While there are no crypto ATMs, Cyprus allows the ownership and usage of cryptocurrencies in banks, bringing its ‘readiness’ score up the charts.