decrypt.co
The city of Washburn, Virginia has more cryptocurrency users per capita than anywhere else in the United States, but users in San Francisco are the wealthiest according to new research published this week by crypto software startup CoinTracker.
The startup said it examined tens of thousands of anonymized user accounts to present a snapshot of US crypto users by location, wealth and their favorite cryptocurrencies.
The data suggest that more than 50% of cryptocurrency users hold Bitcoin, and nearly 30% have Ether, the second-most popular cryptocurrency by market cap.
The wealthiest cryptocurrency users
The mid-Atlantic tech hub Washburn, VA had the most users per capita, followed by Redmond, Washington, the headquarters of Microsoft.
But larger cities dominated when it came to total number of crypto holders, with San Francisco coming first, followed by New York and Los Angeles.
San Francisco is also home to the wealthiest cryptocurrency holders. The average user has over $55,000 in their crypto portfolio. In fact, the Bay Area dominates the list of places with the wealthiest users, with San Francisco, Palo Alto, Santa Clara and San Mateo capturing each of the top four spots.
San Francisco users also standout as having made over half of their crypto wealth from Ethereum, according to the CoinTracker data. But San Diego leads the country in concentration of Ether wealth, with 66% of users’ owning the cryptocurrency.
Backed by prominent investors
CoinTracker said its data was obtained from people who used the company’s services for calculating crypto taxes between 2013 and 2020. The startup was launched in 2017 and is backed by investors including former Coinbase CEO Balaji S. Srinivasan, tennis ace Serena Williams. YCombinator, and Initialized Capital.