Small Business Owners Study Says Los Angeles Ranks the Most Crypto-Friendly City in the US

A recent study conducted by the online invoicing company that works with small businesses Skynova explains that the city of Los Angeles (LA) is the “most crypto-friendly city in the United States.” Skynova surveyed close to 600 small business owners and top-level executives from the U.S. in order to get their perception of the cryptocurrency ecosystem.

LA Ranks the Most-Friendly Crypto City in Recent Small Business Owners Study

According to a research study which leveraged nearly 600 executives and small business owners, LA ranks #1 when it comes to crypto ATMs, and merchant acceptance. The Skynova study called “Accepting Bitcoin,” that attempts to determine the most bitcoin-friendly cities in America today. “32% of small businesses owners and top-level executives said that their business currently accepts cryptocurrencies,” the Skynova researchers detail. Moreover, bitcoin (BTC), bitcoin cash (BCH), and ethereum (ETH) are “the most commonly accepted cryptocurrencies.”

“Los Angeles was the top-ranking city for all three factors of this study: crypto-ATMS, the number of restaurants that accept crypto, and the number of local retailers that accept crypto,” Skynova’s study says. “Generally, businesses that accept bitcoin as payment tend to be located on the coast.” The researchers further added:

Chicago was also a standout city for bitcoin business. The city ranked second for ATMs and second for bitcoin-accepting restaurants. Illinois has been making intense pushes to become the epicenter of cryptocurrency, while the state is home to one of the largest Bitcoin mining facilities in the Midwest.

Primary Reason Why Surveyed Respondents Resist Crypto: Volatility

Other key facts from the survey had shown close to half of the participants don’t accept crypto and do not plan to in the future. “1 out of 4 small businesses owners and top-level executives that do not accept cryptocurrencies would like to do so, but their companies do not have the knowledge on how to do so,” the survey notes. This particular section of the survey utilized “584 small-business owners and managers about their perception of accepting cryptocurrencies.”

In another part of the study in order to figure out the most accepted crypto-asset, 183 small-business owners and 401 top-level managers chose BTC, BCH, ETH, LTC, and BNB. BTC’s percentage among the surveyed was 58%, BCH 36%, ETH 35%, LTC 28%, and BNB’s stats were around 28%. “The primary reason businesses reported still resisting cryptocurrency is the volatility of the market,” the Skynova survey explains. “Many financial experts say volatility is crypto’s only certainty. Another 45% felt it was just too risky for their businesses to accept crypto.” The Skynova researchers’ study further adds:

Just over a third admitted that they didn’t know enough about it yet. Not everything that they did know was positive, however: 17% disliked that it was harming the environment, while 16% feared the implications of every transaction being public. When all is said and done, most business owners seemed to be warming up to the idea.