New Jersey is one of the most crypto-friendly states in the US, according to a 2022 survey from consumer-focused financial information service SmartAsset. The survey found that there were 10.7 Bitcoin ATMs per 100,000 residents, and 10.75 crypto-related jobs per 10,000 job listings on Indeed, much higher than most other states.The general crypto landscape in the US varies by state. In some, active crypto usage is difficult because of regulatory limitations. However, others like New Jersey are working on introducing clarity to simplify crypto access. With clear rules, residents can use crypto for payments and remittances and may look throughnew Kucoin listings and other similar sources to find assets that can return significant profits in 2024.
Spending Crypto in New Jersey
New Jersey’s strategic location between New York City and Philadelphia makes it attractive for business and innovation. The Garden State is also very diverse, with a healthy mix of vibrant industries, including pharmaceuticals, technology, finance, and tourism. This means that millions of daily transactions are conducted across these industries in the state.New Jersey’s active economy makes the state an excellent location to spend crypto. For retail and consumer services, urban areas like Jersey City, Newark, and Hoboken are well primed to pump the state’s rate of crypto adoption because of the number of cafes, restaurants, and retail stores in the area. All of these businesses can benefit from crypto payment gateway platforms like BitPay to help merchants receive crypto payments and automatically convert them into fiat.In addition to retail services, New Jersey has a thriving real estate market that can benefit significantly from cryptocurrency transactions. Accepting cryptocurrency payments helps property sellers and real estate agents broaden their audiences to people outside the state, significantly expanding their pool of potential buyers. Using crypto in New Jersey’s real estate sector also encourages fractional investment. This type of investment allows multiple buyers to own percentages of a luxury property, maintaining revenue flow for sellers and quickly taking properties off their hands.New Jersey also has many crypto ATMs that make crypto spending easy. According to
data from CoinATMRadar, the state has 973 Bitcoin ATMs and Tellers scattered across 35 cities as of August 2, 2024. Of these cities, Newark has the highest number of crypto ATMs, with 498, followed by 179 in Trenton, 126 in Jersey City, and 76 in Atlantic City. The availability of crypto ATMs increases access to digital assets and makes crypto adoption easier in the state.Another reason New Jersey is a great location for spending crypto is its robust casino sector as the state is a choice destination for gamblers looking to enjoy the thrill of casino gaming. New Jersey hosts some of the most prestigious casinos and resorts, making it a highly sought-after vacation destination for fun lovers. The bustling gambling community can greatly benefit from the increased efficiency of crypto transactions and makecrypto gambling a more common option for casino lovers.
New Jersey’s Crypto Stance
New Jersey’s pro-crypto position is reflected in the Jersey City mayor’s plan to invest in crypto. In a July 25 X post, Mayor Fulopannounced that plans are underway for the Jersey City pension fund to allocate a percentage of its assets to spot Bitcoin (BTC) exchange-traded funds (ETFs). According to Fulop, the pension fund is updating paperwork to the United States Securities and Exchange Commission (SEC), which should be done soon. Fulop added that he strongly believes in crypto and considers blockchain one of the most important new technology innovations since the internet. In June 2021, SEC disclosure documents revealed New Jersey’s pension fund ended the month with investments in crypto stocks, including $3.39 million in Marathon Digital Holdings and $3.66 million in Riot Blockchain.
By Chris Bates
