The Bitcoin industry in New Jersey is currently in a state of flux. The Garden State was one of the first to establish clear guidelines for cryptocurrency businesses back in 2015 but has since taken a more hands-off approach. This may be due to the lack of clarity at the federal level when it comes to regulating cryptocurrencies. As such, many businesses operating in this space are doing so without a clear understanding of how they will be taxed or what regulations they need to follow. You need to check bitcoin pro review for proper guidelines.
This uncertain regulatory environment has led to some businesses leaving the state and has made it difficult for new businesses to get started. However, there are still a number of businesses operating in the space, and the industry is slowly starting to grow again.
One of the most notable businesses still operating in New Jersey is Coinbase, one of the largest cryptocurrency exchanges in the world. The company has been headquartered in the state since 2012 and has continued to grow despite the challenges posed by the regulatory environment.
Coinbase is not the only exchange still operating in New Jersey. Kraken, another major exchange, also has a presence in the state. In addition, a number of smaller exchanges and wallets are still available to residents of New Jersey.
Despite the challenges faced by the industry, there are still a number of Bitcoin-related businesses operating in New Jersey. These businesses range from exchanges and wallets to mining companies and ATMs. With more clarity at the federal level, it is likely that this industry will continue to grow in the Garden State.
History of Bitcoin in New Jersey
The first Bitcoin transaction ever was completed in 2010, and since then the cryptocurrency has seen a slow but steady adoption rate.
In 2012, Coinbase, one of the largest cryptocurrency exchanges, was founded in New Jersey. The company is still headquartered in the state today.
In 2015, the New Jersey Legislature passed a bill that established clear guidelines for businesses operating in the cryptocurrency space. This made New Jersey one of the most friendly states for Bitcoin at the time.
Since then, however, the state has taken a more hands-off approach to regulation. This has led to some businesses leaving the state and has made it difficult for new businesses to get started.
Despite the challenges faced by the industry, there are still a number of businesses operating in the space. These businesses range from exchanges and wallets to mining companies and ATMs. With more clarity at the federal level, it is likely that this industry will continue to grow in the Garden State.
Current Situation of Bitcoin in New Jersey
Bitcoin has been a hot topic of conversation in recent years. The price of Bitcoin reached an all-time high in December 2017, and since then, the cryptocurrency has become a household name. Despite the volatility of the market, interest in Bitcoin remains strong. In fact, a recent survey found that nearly 8% of Americans own Bitcoin.
While the majority of Bitcoin owners are male (66%), the number of female owners is growing. In fact, women now make up 34% of all Bitcoin owners.
The majority of Bitcoin owners are millennials (ages 18-34), but ownership is growing among other age groups as well. Gen Xers (ages 35-54) now make up 28% of all Bitcoin owners, and Baby Boomers (ages 55+) make up 15%.
So, where does New Jersey stand when it comes to Bitcoin?
As of February 2018, there were over 2,000 Bitcoin ATMs in the United States. And New Jersey is home to a few of them. In fact, there are at least five Bitcoin ATMs in the state, including one in Jersey City and one in Newark.
New Jersey is also home to a number of Bitcoin-friendly businesses. For example, the online retailer Overstock.com began accepting Bitcoin in 2014. And in 2015, the New Jersey Devils became the first professional sports team to accept Bitcoin as payment for tickets and merchandise.
So, it’s safe to say that Bitcoin is gaining traction in New Jersey. And as more and more people become familiar with the cryptocurrency, it’s likely that its use will continue to grow.
Future of Bitcoin in New Jersey
The future of Bitcoin in New Jersey is difficult to predict. However, given the current trends, it’s likely that the cryptocurrency will continue to gain popularity in the state.
As more businesses begin to accept Bitcoin, it will become easier for people to use the cryptocurrency. And as more people use Bitcoin, the price is likely to increase.
Of course, there are no guarantees in the world of cryptocurrency. But if you’re thinking about investing in Bitcoin, New Jersey is definitely a place to consider.
