Unveiling the Hottest Crypto Spots
The IRS has released the results of its analysis of 2020 tax returns to determine the intensity of cryptocurrency adoption in different areas of the United States. The data reveals that California has the highest number of locales with a high percentage of cryptocurrency ownership, but Washington state ranks higher when considering the state as a whole. The analysis also shows a significant difference in cryptocurrency uptake between states, with a 13-fold difference between Washington and West Virginia among upper-bracket taxpayers. The data suggests that younger populations and a higher concentration of programmers and data scientists contribute to higher cryptocurrency adoption rates. Additionally, blue states tend to have a higher prevalence of crypto ownership, although there are exceptions such as Maine and Texas. The analysis also identifies specific neighborhoods with high rates of cryptocurrency ownership, including areas near tech company headquarters and affluent residential areas.