Citizens of Jacksonville, Florida have developed fairly the appetite for cryptocurrency.
Te December, when cryptomania seemingly succesnummer an all-time high, crypto buyers te Jacksonville moved the most money into cryptocurrency exchanges, totaling $31,468 vanaf person on average, the highest ter the nation and overheen twice the amount of its closest competitor, Memphis, Tennessee, according to a fresh report from StatusMoney. The figures are based on crypto activity vanaf person ter December 2018.
Top Ten U.S. Cities With The Highest Crypto Holdings Vanaf Person
- Jacksonville, Florida: $31,468.
- Memphis, Tennessee: $15,748.
- Albuquerque, Fresh Mexico: $12,479.
- Charleston, South Carolina: $9,442.
- Alpharetta, Georgia: $8,382.
- Sunnyvale, California: $8,309.
- Santa Clara, California: $8,012.
- San Mateo, California: $7,323.
- Torrance, California: $7,054.
- Manhattan, Fresh York: $7,044.
&ldquo,Wij looked at transactions ter and out of major crypto exchanges and wij can see when someone moves money from [a] checking account to Coinbase and other major crypto exchanges,&rdquo, StatusMoney founder Majd Maksad told Benzinga.
&ldquo,For every person who had any transfer into a cryptocurrency exchange, Jacksonville wasgoed the highest.",
Why is Jacksonville So Keen On Crypto?
While Maksad could not point to a specific catalyst, the top five cities on the crypto activity list provide further evidence that much of the rente te cryptocurrency is coming from retail investors who may not have much skill of the product.
Almost one-third of crypto investments are coming from those who make under $100,000 vanaf year, according to StatusMoney, and given the extreme volatility cryptocurrencies practice on a daily poot, it is difficult for unsophisticated investors to rail out the rollercoaster rail that is bitcoin.
&ldquo,Ter December, people that made $50,000 or less te income vanaf year moved 14 procent of their investment portfolio into crypto. That is scary,&rdquo, Maksad said.
&ldquo,I don&rsquo,t think it is a very well thought-out bet. If you want to point to an underlying driver, it&rsquo,s euphoria and it&rsquo,s greed. &lsquo,I don&rsquo,t know what this is, but it seems to be the future and I’ll waterput some money ter it&rsquo, is what thesis investors are thinking.",
Fresh York and Chicago unsurprisingly take the top two catches sight of on the list of the top Ten crypto cities by volume, but Jacksonville invested so much ter crypto that it took the third spot at Four.Two procent of total volume, despite being the 12th-largest city ter the US.
Top Ten Crypto Cities By Volume
- Manhattan, NY: 6.9 procent
- Chicago, Illinois: Four.9 procent
- Jacksonville, Florida: Four.Two procent.
- San Francisco, California: Trio.Five procent.
- San Antonio, Texas: Trio.1 procent.
- Washington, D.C.: Two.Four procent.
- Houston, Texas: 1.9 procent.
- Los Angeles, California: 1.7 procent.
- Samenvoeging Vegas, Nevada: 1.7 procent.
- Atlanta, Georgia: 1.6 procent.
While blockchain has some very real uses, Maksad said he thinks that the currency may be one of the worst applications of the revolutionary technology and that it may be best suited for transactions that occur less frequently.
&ldquo,Te an economy where trillions of transactions are occurring, currency may be the worst application of blockchain technology,&rdquo, he said.
Disclosure: The author has a long position ter bitcoin.