Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Michigan and its industrial epicenter of Detroit have long been keen advocates of forward-thinking and technological innovation. And while its days as the de-facto heartland of the American automotive industry is behind it, the region is eagerly seeking to become a start-up hotbed with key strong investment in markets as diverse as e-commerce and robotics.
This pioneering spirit has also seen Michigan join the wave of states welcoming in iGaming and sports betting in the wake of the repeal of PASPA in 2017. These concerns were legalized in 2019, with the final components of robust licensing and regulatory frameworks finally coming into full effect in 2021. Since then, directories offering a rundown of the best poker sites in MI have become increasingly commonplace, contributing markedly to the regionâs post-industrial economic growth.
In light of this, it should come as no surprise that Michigan is also an eager adopter of crypto-currencies and the wider pivot towards decentralized finance. But what are The Great Lakes Stateâs most widely traded digital currencies?
Finding this out poses some intriguing challenges. This is because, unlike other assets, the decentralized nature of crypto-currencies mean that public data on trades at the state-level can be challenging to come by. However, it is possible to draw conclusions based on the fluctuating popularity of search terms over time by region with analytics tools such as Google Trends.
#4 Cardano
Cardano, otherwise known as ADA, is the native currency of the Cardano platform. For a number of years it has attracted investment, both in Michigan and beyond, thanks to it previously being the leading example of a large market-cap coin using the Proof-of-Stake verification process, rather than Proof-of-Work. Even now that this is no longer the case, Cardano has a strong following and is clearly the preferred currency for many investors in The Mitten State.
#3 Ethereum
Aside from Bitcoin, no currency is thought to have the staying power that Ethereum enjoys. Long second fiddle to Bitcoin, on the 15th of September 2022 it began an ambitious multi-stage process known as âthe mergeâ that saw it transition from Proof-of-Work to Proof-of-Stake verification. This ambitious operation resulted in ETHâs energy requirements falling by over 99.99% overnight.
#2 Dogecoin
The so-called âmeme-coinâ popularized by Tesla, SpaceX and Twitter boss Elon Musk continues to create a stir in markets around the world, and it appears Michigan is no exception. Dogecoinâs price typically hovers close to other coins, though the first quarter of 2021 temporarily saw its price sky-rocket by some 800% due to the coin going viral at the hand of Musk and Reddit users.
#1 Bitcoin
Perhaps unsurprisingly, Bitcoin â being the original cryptocurrency, and the one with the largest global market-cap, is also Michiganâs favorite crypto-currency. BTC is so influential on the wider crypto market that fluctuations in its price can impact the entire sector. Whatâs more, despite criticism from environmentally conscious analysts about its energy-intensive Proof-of-Work verification procedure, Bitcoin looks set to retain its position as the Michiganâs â and the worldâs â leading digital currency for some time to come.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.