CoinTracker’s crypto-taxation tool has released a report comparing the prevalence of cryptocurrency ownership across major US cities. CoinTracker found that the top four ranked cities are all in California’s San Francisco Bay Area with an average portfolio size of $55,000, followed by Palo Alto with $39,000, Oakland with $35,000, and San Mateo with $30,600, respectively.
The report is based on user data which have been collected by CoinTracker during the past seven years.
Four cities only outside California are home to investors whose average crypto holdings in the US exceed $20,000 — with investors in Seattle, New York, Tampa, and Pittsburgh holding on average between $27,000 and $21,000.
The findings also show a significant concentration of crypto investors in the cities of San Francisco and New York, with their combined “crypto user index” approximately equal to that of the next four highest ranking cities.
By number of investors, San Francisco is the top U.S. crypto city and thus scored a user index of 100.
New York ranks second with a user index rating of 92 for crypto investor density, but ranks sixth with the average value of holdings at nearly $23,000.
Los Angeles has the third-largest crypto-investor density with a user index of 57.2, followed by 48.8 for Chicago, and 39.7 for Seattle.
Bitcoin Portfolio Represents 50% of San Francisco Crypto Wealth
The eight-most popular crypto-assets comprise 94.8 percent of U.S. virtual currency holdings combined with all other crypto-assets representing less than 1 percent of total capital on the crypto-currency markets each.
Ether investments outweigh the investor Bitcoin holdings in San Diego, Nashville, Seattle, Boston, San Francisco, and The Bronx — with Ether accounting for more than 50 percent of each city’s cryptowealth. The majority of their crypto capital is allocated to markets other than BTC or ETH by investors based in Redmond, San Antonio, Atlanta and Fremont.