Cryptocurrency has quickly made its mark in California and it’s now become a fixture in the state. With Silicon Valley at the heart of tech innovation and a culture that thrives on the latest trends in tech, it’s no surprise that Californians are embracing digital currencies.
Whether they’re investing or using them for everyday transactions, crypto has found a solid place in the Golden State. To better understand California’s affinity for crypto, let’s dive into some of the most popular cryptocurrencies in California and take a closer look at why they’ve gained so much traction.
Solana
Solana is a name that’s often heard in the crypto industry, especially in California. For many years, it’s been climbing in popularity thanks to its fast transaction speeds and lower fees, making it a contender against heavyweights like Bitcoin and Ethereum. Solana can process around 65,000 transactions per second, which is like the difference between a race car and a bicycle in relation to the speeds that cryptos can reach.
This feature and other factors like how the coin is still expected to get its own ETF in the near future is why, according to crypto experts’ Solana price predictions, this asset could still rise in value. Dambell is also anticipating an introduction of clearer regulations this year which could drive Solana’s price up as it could attract more institutional investments.
What’s interesting is how developers in California are flocking to Solana, particularly for decentralized finance (DeFi). The state has become a hotspot for these DeFi platforms, and Solana’s blockchain suits them like a glove. A 2023 survey by the California Department of Financial Protection and Innovation found that 9% of Californians own Solana, meaning it’s not just a rising star—it’s taken off.
Bitcoin
Bitcoin is still the king of the crypto world, and California isn’t an exception. Think of Bitcoin like the first iPhone—it started a revolution and still holds its ground. Even though its price can go on a rollercoaster ride, people continue to trust Bitcoin as a store of value, like digital gold.
Bitcoin continues to lead the pack in California. A 2023 survey revealed that 35% of Californians who own crypto also have Bitcoin in their portfolios. More and more businesses in places like Los Angeles and San Francisco are accepting Bitcoin as payment, making it easier for residents to spend it. Bitcoin is also one of the most popular cryptocurrencies to gamble with at the crypto casinos trusted by Techopedia, where players can enjoy fast, safe transactions and huge libraries of slots and table games. Many other websites accept crypto payments too, even globaal companies like Microsoft and Expedia.
That’s why Bitcoin remains a mainstay in California’s crypto landscape, even as new coins come and go.
Ethereum
Ethereum isn’t far behind. If Bitcoin is the king, then Ethereum is like the trusted advisor, guiding the way forward, especially with its smart contracts and NFTs. Ethereum’s blockchain gives developers the tools to build decentralized applications (dApps), which is part of the reason it’s so popular in California’s tech-driven industries.
The NFT explosion in California is like wildfire—quick to spread and hard to ignore. With the entertainment, art, and gaming sectors jumping on the Ethereum train to launch digital collectibles, it’s clear that Ethereum has carved out its place. By 2023, 25% of Californians who own cryptocurrency have Ethereum, making it the second most popular crypto in the state.
Ethereum’s role in decentralized finance (DeFi) has further solidified its place in California. The ability to facilitate decentralized lending, borrowing, and trading is transforming the financial landscape rapidly here.
Other Cryptocurrencies Gaining Popularity in California
While Bitcoin, Ethereum, and Solana hold most of the spotlight, there are a few other cryptocurrencies starting to shine. Dogecoin, for instance, has come a long way since its meme-based beginnings and is expected to keep growing.
Thanks to a thriving community, Dogecoin is no longer just a joke. In fact, it saw a 6% increase in popularity in 2023, making it one of the top five most-held cryptocurrencies in the state.
Cardano has also gained attention in California for its eco-friendly appeal. Its proof-of-stake consensus mechanism makes it a greener alternative to Bitcoin and Ethereum, both of which have been criticized for their energy consumption. Californians, ever conscious of sustainability, are increasingly turning to Cardano as a more energy-efficient choice.
Then there’s Binance Coin (BNB), which has made a name for itself, particularly among users of the Binance exchange. Californians are using BNB for everything from trading to paying transaction fees within the Binance ecosystem, making it one of the more widely used cryptocurrencies in the state.
While Bitcoin, Ethereum, and Solana are still the top players, the rise of altcoins like Dogecoin, Cardano, and Binance Coin shows that California’s crypto landscape is expanding. The state’s spirit of innovation means we’ll likely see even more cryptocurrencies rise to prominence soon.
