Good day everyone,
I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. A recent survey by Coinbase has revealed that 19% of all residents in New York own some form of cryptocurrency.
Coinbase Report
On Tuesday the 8th of August 2023 the leading cryptocurrency exchange Coinbase published a report which highlighted the levels of crypto adoption in New York. Basically the results of the survey have shown that around 1 in 5 people within New York are in possession of some form of cryptocurrency. The survey was done as part of a series of surveys completed by Coinbase, known as “United States of Crypto” and this was the fourth edition of the report. The study notes:
“It is heartening to witness the resolute efforts of individuals in the U.S., especially in New York, where crypto and web3 adoption is rapidly gaining traction: 19% of New York residents own crypto.”
It also goes on to show that most people within New York are optimistic regarding the potential and possibilities of crypto. One in three agree that crypto makes the financial system fairer and that is it a 'worthwhile investment for the future.'
New York Crypto and Web3 Hub
Delving further into the report, it shows that New York is home to 692 different blockchain organisation, with over 800 founders. It went on to state that over 50% of the Fortune 100 have pursued crypto, blockchain, or web3 based initiatives since the beginning of 2020.
Within the companies which are crypto based, it is finance, retail and technology firms which comprise about 75% of these initiatives. It should also be noted that fashion, art and lifestyle brands have also adapted this technology into their brands and businesses. These can include the likes of NFT inclusion within a brand, such as was done when Morphew launched its fashion-centric NFT collection in collaboration with a hardware tech firm Arx.
Back in April 2023 the New York State Department of Financial Services (NYDFS) decided to make a move in the way they will oversee registered crypto businesses, having passed a new law which allows the NYDFS to collect supervisory costs from licensed virtual currency businesses. The state also announced new legislation which would allows agencies to accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees, and other payments charged by the state. The rule was introduced by Democratic Assembly Member Clyde Vanel.
It is also very important to note that while some developments have been made in New York in relation to cryptocurrency, the state has been far from friendly towards crypto. In 2022 the state passed a bill which banned nearly all cryptocurrency mining in the state.
Have a great day.
Peace. CryptoGod-1.
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