In a recent study conducted by an online operating company that works with small businesses, Skynova explained that the city of Los Angeles (LA) is “the most crypto-friendly city in the United States.” Skynova surveyed about 600 small business owners and top executives from the United States to get their ideas about the cryptocurrency ecosystem.
LA Small-Friendly Crypto Cities Rank in Recent Small Business Owners’ Study
According to a research survey, which employs about execut00 executives and small business owners, LA ranks first in terms of acceptance of crypto ATMs and merchants. The Skynova study is called “Bitcoin Acceptance,” which seeks to determine the most bitcoin-friendly cities in America today. “Small2% of small business owners and top executives say their business currently adopts cryptocurrency,” Skynova researchers said in detail. Moreover, Bitcoin (BTC), Bitcoin Cash (BCH), and Etherium (ETH) are the “most widely accepted cryptocurrencies.”
“Los Angeles was the top city for three subjects of this study: crypto-ATMs, the number of restaurants accepting crypto and the number of local retailers accepting crypto,” Skynover said in the study. “Typically, businesses that accept Bitcoin as payment are located on the coast.” The researchers added:
Chicago was a standout city for the bitcoin business. The city ranks second for ATMs and second for bitcoin-receiving restaurants. Illinois is in the throes of becoming the epicenter of cryptocurrency, while the state has one of the largest bitcoin mining facilities in the Midwest.
The primary reason why surveyed respondents resisted crypto is: volatility
Other key data from the survey showed that close to half of participants did not accept crypto and did not plan for the future. “1 in 4 small business owners and top executives who do not accept cryptocurrency prefer to do so, but their companies have no knowledge of how to do it,” the survey notes. This particular part of the survey “used 584 small business owners and managers about their perceptions of cryptocurrency adoption.”
In another part of the study to find out the most accepted crypto-assets, 183 small-business owners and 401 top-level managers selected BTC, BCH, ETH, LTC and BNB. The percentage of BTC in the survey was 58%, BCH 36%, ETH 35%, LTC 28% and BNB was about 28%. “The primary reasons traders still resist cryptocurrency is market volatility,” explains the Skynova study. “Many financial experts say that volatility is the only guarantee of crypto. Another 5% think that taking crypto is too risky for their business.”
More than a third admit they still don’t know enough about it. Not everything they knew was positive, however: 17% disliked that it was harming the environment, while 16% feared the universal impact of each transaction. When everything is said and done, most business owners seem to be warming up to the idea.
What do you think of the Skynover survey about U.S. friendly cities for crypto resources and other survey results? Let us know what you think about this in the comments section below.
Image credit: Shutterstock, Pixabay, WikiCommons, Skynova Survey
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