Your daily dose of Austin
Smartphone image
×
Make your inbox more Austin.
Local news and fun, every day 6am.
New data says 8% of Texans own Bitcoin

Texan Bitcoin owners could grow to 14% by the end of the year, Finder says. (Pexels)

Texans are taking up Bitcoin in droves with 8% of adults already owning it, new data by Finder.com shows.

Kyle Murphy is among the Texans who currently own the most popular form of cryptocurrency. He made a recent move to Austin because of the potential he saw in the city’s Bitcoin scene, even founding an accelerator called Pleb Lab that aims to support Bitcoin-centered startups.


“I landed in Austin specifically because I believe there is nowhere on Earth at the moment that has a higher per capita population density for people who are Bitcoin focused.”

When it comes to cryptocurrency at large, Austin has come out as a leader in the Texas job market. Still, it falls behind other places like the Bay Area where there are sweeping crypto opportunities.

To Murphy, however, the Bay Area has “a bunch of crypto nonsense.”

“If you’re just looking for people who really kind of understand and get Bitcoin, especially the people who are Bitcoin developers, they’re all in Austin right now,” Murphy said. “And more of them are moving here every day.”

But there are some differences among various demographics who have Bitcoin.

Finder’s cryptocurrency editor, Keegan Francis, says young adults will drive crypto adoption this year.

Bitcoin ownership among people 18-34 could hit 17-18% by the end of the year, and Finder also expects to see growth in the 35-55 age group.


Crypto has generally been more popular among men, and Bitcoin is no exception.

“Men in Texas are much more likely to own Bitcoin than women—11% compared to 5%,” Francis said. “The difference between the number of men and women who own Bitcoin is expected to widen this year with slightly more men planning to become Bitcoin owners.”

When it comes to the growing adoption of Bitcoin, Murphy points to commerce as being overlooked. After a block party he put on in December, he noted places like the Tipsy Alchemist became part of the 33% of Rainey Street that started accepting Bitcoin. He also noted local ranchers who accept Bitcoin and how he’s in the process of getting a diesel mechanic on board to accept Bitcoin.

More businesses are starting to accept Bitcoin. (CC)


For Murphy, whose only form of finance is Bitcoin, he sees promise in more businesses accepting it as a form of payment and the public’s growing use of it. Finder estimates Texan Bitcoin owners could grow to 14% by the end of the year.

“If we’re talking about my worldview of Bitcoin, I would say generally, that I believe the last discovery that human beings came upon that was as big as the discovery of Bitcoin was probably fire.”

For the crypto curious, Finder recommends comparing exchanges, and if you need more tips, Austonia has a mini-guide on getting started with investing.

Popular

1923 Lake Austin mansion demolition request pitting preservationists and some neighbors against owner and city preservation office
Austin Monitor

By Jonathan Lee

The Planning Commission was split Tuesday on whether to help save an eclectic lakefront estate from demolition by zoning it historic amid concerns over tax breaks and the likelihood that a previous owner participated in segregation as a business owner.

The property in question, known as the Delisle House, is located at 2002 Scenic Drive in Tarrytown. The main house, with Spanish and Modern influences, was built in 1923 by Raymond Delisle, an optician. A Gothic Revival accessory apartment was built in 1946. The current owner applied to demolish the structures in order to build a new home.'

Keep ReadingShow less
Freaky Floats and other Austin food & drink news
Austin Motel

What's new in Austin food & drink this week:

  • Nau's Enfield Drug closing after losing their lease. Did McGuire Moorman Lambert buy the building, with its vintage soda fountain?
  • Nixta Taqueria Chef Edgar Rico named to Time Magazine's Time 100 Next influencer list, after winning a James Beard Award earlier this year.
  • Question: From what BBQ joint did pescatarian Harry Styles order food this week?
  • Austin Motel is opening the pool and pool bar Wednesday nights in October for Freaky Floats.
  • Vincent's on the Lake closing due to "economic conditions and low water levels [at Lake Travis]."
  • Cenote has closed its Windsor Park location. The East Cesar Chavez location remains open.
  • The Steeping Room on N. Lamar has closed.
  • Local startup It's Skinnyscored new financing for its gluten-free pasta business.
  • P. Terry's opened a new location in Kyle, at 18940 IH-35.