Is the United States a model for mass adoption?
Is the US the closest country to crypto adoption? Here are 3 use cases of cryptocurrencies!
According to trading industry data collector and processor Forex Suggest, the US is the second best prepared country for mass adoption of cryptocurrencies. The parameters they used for the research was the number of crypto ATM facilities in proportion to the size of the population and the number of blockchain start-ups per 100,000 people. Mass adoption, however, goes beyond this. For cryptocurrencies to become truly mainstream, there must be supporting infrastructures in place, both technological and, above all, regulatory.
In this regard, a legislative decree recently passed will allow Californian political candidates to accept donations in cryptocurrencies. The city of Miami, whose mayor, Francis Suarez, has never hidden his passion for Bitcoin, continues with its pro-Web3 initiatives. Miami will unveil an NFT collection produced by a partnership between Mastercard, TIME and Salesforce in December 2022. Is the US a model for mass adoption? Let’s look at 3 use cases of cryptocurrencies in the US!
The country with the most ATMs in the world
Leaving aside the state of Hong Kong, which due to its very limited geographical extension and particular political nature can be considered a borderline case in the research, the US is the most crypto-friendly, mainstream adoption-oriented state. In fact, the country has about 10 crypto ATMs for every 100,000 inhabitants, one for every 271 km. 88% of existing crypto ATMs are located on American territory. As for the number of start-ups, the US scores around 0.6 for every 100,000 inhabitants.
California approves cryptocurrency donations for election campaigns
On 21st July 2022 the State of California announced that it will allow candidates for state and local political office to receive donations in cryptocurrency. The previous legislation, which banned political promoters from raising or receiving funds via blockchain, is thus permanently repealed. The law had been promoted during the bear market of 2018, more precisely in November. However, the donations recipients will be obliged to immediately convert the amount of crypto received into fiat currency. The legislation also states that the political candidate is obliged to work with a registered exchange to handle the transaction. The exchange must have confirmed the identity of the donor through KYC (Know Your Customer) practices by verifying name, address, occupation and employer.
Some might frown upon the compulsory instant conversion into fiat currency. However, when we consider that only four years ago California was so strongly against the practice that it was made illegal, this is certainly a step forward. Political funding using cryptocurrencies is one of the most interesting use cases in the US.
Miami teams up with Mastercard, TIME and Salesforce for an NFT collection
In terms of city initiatives, the United States also proves to be the most virtuous country when it comes to mass adoption. The city of Miami recently announced a Web3 project to experience the city at 360° with the support of major brands Mastercard, TIME and Salesforce. The project specifically entails the creation of 5,000 NFTs designed by 56 local artists. The number 56 was not chosen randomly, it actually represents Miami’s size in square miles.
The NFT holders will have access to the Priceless Miami Mastercard programme, which includes exclusive art experiences and events in the city such as gourmet dinners, private visits to museums, stays in luxurious resorts or spas and much more. The NFT minting process and secondary market will be all managed by Salesforce – a software, automation services and digital marketing analytics company founded in 2000. Third player in this partnership is the publishing giant TIME, which has been active in the Web3 world since March 2021 and has been a major player in the industry ever since, with its own NFT community called TIMEPieces. You might remember its iconic cover depicting Vitalik Buterin, Ethereum‘s founder. In August 2021, the city of Florida had already launched Miami Coin, a token intended as a sustainable funding tool for projects that support the city’s most disadvantaged communities.
With these initiatives taken at both state and local level, the US seems to really want to become a model for mass adoption. So, is the adoption of cryptocurrencies overseas closer than we think? These 3 use cases of cryptocurrencies in the US seem to confirm that this is indeed the case.