A recent study by online billing company that works with small businesses Skynova explains that the city of Los Angeles (LA) is the “most crypto city in the United States.” Skynova surveyed nearly 600 small business owners and senior executives across the United States to find out their perceptions of the cryptocurrency ecosystem.
LA ranks friendliest crypto city in recent study of small business owners
According to a Research study which engaged nearly 600 small business executives and owners, LA ranks # 1 for crypto ATMs and merchant acceptance. The Skynova study called “Accepting Bitcoin”, which attempts to determine the most bitcoin-friendly cities in America today. â32% of small business owners and senior executives said their business currently accepts cryptocurrency,â Skynova researchers detail. In addition, bitcoin (BTC), bitcoin cash (BCH) and ethereum (ETH) are “the most commonly accepted cryptocurrencies”.
âLos Angeles was the top-ranked city for all three factors in this study: crypto-ATMS, the number of restaurants that accept crypto, and the number of local retailers that accept crypto,â Skynova’s study said. âIn general, companies that accept bitcoin as a form of payment tend to be located on the coast. The researchers added:
Chicago was also a notable city for the bitcoin trading. The city ranked second for ATMs and second for bitcoin-accepting restaurants. Illinois has made intense efforts to become the epicenter of cryptocurrency, while the state is home to one of the largest Bitcoin mining facilities in the Midwest.
Main reason respondents resist crypto: volatility
Other key facts from the survey showed that nearly half of the participants do not accept crypto and do not plan to do so in the future. â1 in 4 small business owners and executives who don’t accept cryptocurrency would like to do it, but their businesses don’t have the knowledge to do it,â the survey notes. This particular section of the survey used â584 owners and managers of small businesses on their perception of acceptance of cryptocurrenciesâ.
In another part of the study, in order to determine the most accepted crypto asset, 183 small business owners and 401 top managers chose BTC, BCH, ETH, SLD, and BNB. BTCthe percentage of among those surveyed was 58%, BCH 36%, ETH 35%, SLD 28%, and BNBThe statistics for s were around 28%. “The main reason companies have said they are still resisting cryptocurrency is the volatility of the market,” says the Skynova survey. âMany financial experts say that volatility is the only certainty in crypto. 45% felt it was just too risky for their businesses to accept crypto. The study by Skynova researchers adds:
Just over a third admitted they didn’t know enough about it yet. However, not everything they knew was positive: 17% didn’t like it harming the environment, while 16% feared the implications of every transaction being public. In the end, most business owners seemed to heat up on the idea.
What do you think of Skynova’s survey of the most crypto-asset-friendly U.S. cities and other survey findings? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Skynova survey
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.