New Jersey now ranks second in the U.S. in terms of crypto ownership percentage, behind only California. The most common currencies to hold are Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Tether (USDT).
Today, New Jersey has over a thousand crypto ATMs per 10,000 square miles, making it the state with the highest density of crypto ATMs. Even certain physical businesses have started accepting cryptocurrency; more common, of course, are online businesses that allow for crypto payments.
In most cases, tech-forward online stores and services now let customers pay directly with Bitcoin. Entertainment sites, such as trusted crypto casinos in the USA, often allow for easy deposits and withdrawals using cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Dogecoin (DOGE). VPNs, security software, and even online electronics stores also commonly offer this decentralized payment option.
New Jersey has adopted a relatively progressive regulatory framework for Blockchain, although regulations are still under development. Businesses working with virtual currency are recognized as companies in the finance sector, and there are regulations in place to protect consumers while allowing businesses to legally take advantage of the growth of crypto and explore new solutions.
The state is also educating the new generation about this potentially crucial technology. Universities like Rutgers and Princeton offer blockchain courses, and community programs also offer residents courses to improve crypto literacy.
As an economic and financial hub near Wall Street, New Jersey is an ideal location for crypto to experience real growth.
But New Jersey isn’t the absolute leader, even in the US. Ahead of New Jersey is California, showing an even stronger interest in crypto – not surprising for the state of Silicon Valley. Washington, Colorado, and New York are among the other states that play a part in leading the movement. Colorado is especially notable for being the first state to accept crypto payments for state taxes. The US as a whole ranks number four in 2024 on the global crypto adoption index, trailing after India, Nigeria, and Indonesia.
The factors mentioned mean that New Jersey isn’t just ahead of most states in the cryptocurrency department, but is also likely to stay ahead – especially with the younger generation embracing cryptocurrencies as they grow up. Advantages such as infrastructure and regulatory clarity have positioned it to be one of the leaders in the crypto movement, and this momentum is likely to drive even further adoption.
New Jersey is among several states exploring new crypto legislation that might allow for, among other things, pension fund investments. The state’s proactive stance and interest is likely to be key in allowing for the growth further on, creating a healthy business climate for fintech businesses and innovation in the crypto space.
But there are still challenges ahead, too. Regularity compliance is difficult to reinforce, there are still security concerns, and the market volatility is a significant hurdle to creating an economy more based on DeFi. Whether the global market will one day be dominated by decentralized currencies is still a hot debate.
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.