10 crypto friendly cities that may grow as hotspots in 2022

Highlights

• There are some crypto-friendly countries and cities that turned out to be cryptocurrency hotspots due to high demand of cryptocurrencies.
• In 2021, El Salvador became the first country to officially make bitcoin a legal tender.
• There are over 15,000 businesses around the world that allow payment in cryptocurrency.

Cryptocurrencies are gaining a lot of popularity since last few years and becoming mainstream step by step. Investing in cryptocurrency has become one of the popular investment options and various blue-chip tech businesses such as Google, Apple, PayPal, and Samsung have recently included these digital currencies in their calculated plans in near future.  

There are over 15,000 businesses around the world that allow payment in cryptocurrency and in near future more businesses will start accepting cryptocurrencies for payments.

But these digital currencies are facing resistance by various countries due to regularization issues.  Most governments are concerned over these decentralized digital currencies as they can’t be regulated and controlled, due to which many countries have either banned crypto transactions or have put certain restrictions.

But there are some crypto-friendly countries and cities that turned out to be cryptocurrency hotspots. Recently, El Salvador became the first country to officially make bitcoin a legal tender. The demand for the cryptocurrencies is measures by looking at three metrics, which include number of cryptocurrencies ATMs available, number of businesses accepting cryptocurrencies, and population size relative to crypto activities.

Also Read: How are cryptocurrencies driving Web 3.0 growth?

Here are the top 10 cities where the demand for cryptocurrencies is increasing gradually and may become the innovation centers for cryptocurrencies in the near future. 

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1. Miami

In June, the country hosted a massive two-day bitcoin conference that was attended by thousands of market analysts and crypto supporters, it indicates that Miami is in the middle of a tech boom and is believed to become a new crypto hotspot. 

Francis X. Suarez, Mayor of Miami, announced the launch of MiamiCoin, a Miami-specific digital current and also stated that he will allow the citizens to make tax and paycheck payments through cryptos. Further, he wanted the state of Florida to hold bitcoin in its balance sheet. The city has around 50 businesses accepting cryptocurrency and over 650 crypto ATMs and tellers.

2. Vancouver

In Canada, there is a strong community for the adoption of cryptocurrencies that has taken regulatory steps to adopt the digital currency and is putting security measures to use it. The city has around 50 businesses that accept cryptocurrency and around 40 crypto ATMS. The first crypto ATM was launched at Waves Coffee House in Vancouver in 2013. QuadrigaCX crypto exchange was also based in Vancouver that lost US $180 million in client funds after the death of its founder.

3. San Francisco

Major crypto exchange platforms such as Coinbase and Kraken are based in San Francisco. Over hundreds of businesses such as bars, stores, restaurants and hotel accept cryptocurrencies as payments and there are over 430 crypto ATMs in the Bay Area, including 65 in San Francisco that are well distributed and functional. In the Bay Area, the city has highest concentration of crypto wealth and third-highest number of crypto investors. 

4. Ljubljana

Ljubljana, Capital of Slovenia, was the birthplace of Bitstamp before it set up its base in London and Luxembourg. The city has around 200 businesses such as restaurants, hotels and pubs that accept cryptocurrencies and around 11 crypto ATMs for the users.

Also read: Top metaverse crypto & its price prediction

5. El Zonte

In 2021, El Salvador became the first country to officially make bitcoin a legal tender. Its city El Zonte is also seeking to rebrand itself as “Bitcoin Beach”. The country is following a substantial crypto donation to municipal government and the city got its first crypto ATM in 2020.

The government has allowed tax payment through digital currencies and foreign investors do not have to pay capital gain tax on cryptocurrencies. To launch a simplified crypto wallet for low-fee transaction, the government is working with various businesses.     

6. Tel Aviv

Tel Aviv is the Israel’s financial centre and is the leading city for start-ups. The city has around 20 businesses that accept the digital currency and has around seven crypto ATMs that allow citizens to withdraw cash from them. In Tel Aviv, the Israel Bitcoin Meetup Group with over 4,000 members is one of the most active groups globally working to make cryptocurrencies more mainstream. 

7. London

The UK’s capital has over 50 businesses that accept crypto currency for payment and has over 120 crypto ATMs. The oldest crypto exchange, Coinfloor, is also based in the country and has various crypto meetup groups.

8. Arnhem

The Netherlands City is also known as a major crypto hub and is the world’s most crypto-friendly city, with thousands of businesses accepting cryptocurrency as a mode of payment and some businesses also offer discount to customers who make payments through cryptocurrencies. The crypto payments can be made through the third-largest crypto payment platform BitKassa in the Netherlands. 

9. Zug

Zug is a small town in Switzerland that is known as the Crypto Valley. Various companies and organizations that are dealing with cryptocurrencies and blockchain technology are registered in the town. In the last two years, the number has increased to over 910.  The other hotspots in Zug are Ticino, Zurich, Vaud, Bern, Liechtenstein, Geneva, and Lucerne.

As a part of social experiment since 2016, the Swiss Municipality started paying its employees in cryptocurrencies. In 2021, the government has allowed citizens to pay taxes in the Canton of Zug by using digital currency, by joining hands with Bitcoin Suisse.

10. Prague

Prague, capital of Czech Republic, is one of the most crypto-friendly cities in the world and is the best place to spend your digital currencies. The city has around 150 businesses that accept cryptocurrency as a method of payment and has a dozen of crypto ATMs.  

Also read: Top cryptos by market cap that ruled in 2021