Posted 12/20/2023, 11:30:00 AM
IRS Data Reveals Crypto Hotspots in Coastal States and Neighborhoods Near Big Tech Hubs
- IRS crackdown on crypto through requiring reporting on tax returns reveals geographic hotspots of crypto ownership in US
- Washington state has highest per capita crypto ownership nationally, while adoption lags in midwestern states
- Crypto ownership correlated with youth, tech jobs, high incomes rather than partisan politics, with some exceptions
- Neighborhoods near big tech company HQs in WA and CA show very high rates of crypto ownership
- Whether crypto catches on more broadly depends on if wealth managers promote it for portfolio diversification or if prices collapse to make it less enticing