November 18, 2022 8:36 am in Crypto

Crypto Trends in Denver

Surrounded by soaring mountains and massive ski resorts, Denver, Colorado is known for its outdoorsy population and vibrant cultural scene. However, don’t let its reputation as a tourist destination distract you from its industrial side. As the largest city in Colorado, Denver is also home to a bustling tech and finance scene. This makes it the perfect home for crypto businesses. There are a lot of exciting crypto trends happening in Denver right now.

Industry Experts Believe Denver Is the Next Big Crypto City

A recent report by LinkedIn found that Denver was one of the best cities for crypto jobs. Denver currently accounts for almost 3% of all crypto hires. The only cities that hire more people are larger cities like Miami, New York, and Austin.

The report closely analyzed hiring trends over the last five years and found that there were a few things that made the crypto industry in Denver so notable. Compared to the financial industry, crypto hires in places like Denver tend to be more diverse and inclusive. There has been a 73% growth in crypto hires in the past two years, pointing to huge growth in the industry.

Denver ranks so high for crypto hires because of the massive number of cryptocurrency companies in the area. Finance and tech are two of the leading industries in the city, and these two fields combine to create many interesting crypto companies. Some companies, like Zerocoin, focus on building new types of cryptocurrency and crypto tools, and other companies like LDGR Capital are primarily crypto investment groups.

In addition to businesses that focus on cryptocurrency itself, Denver is also filled with many crypto-friendly businesses. These companies will take cryptocurrency as payment for everything from food to rent and are willing to use blockchain solutions for apps and other technologies.

Why Is Denver a Crypto Hot Spot?

There are several reasons that crypto in Denver is generating such a big buzz. Of course, any larger city like Denver is bound to have a decent crypto scene. However, there are a few unique things about Denver that make it stand out.

Highly Favorable Government Policies

Though cryptocurrency is mostly a deregulated finance, government policies still have an impact. In areas with very strict, anti-crypto laws, it can be hard for the industry to flourish. Fortunately, Colorado has made huge strides toward accepting crypto in everyday life. Colorado governor Jared Polis has been outspoken about his support for crypto.

Polis and his party have worked hard to enact laws that make crypto a recognized form of finance. Starting in September of 2022, the Colorado Department of Revenue allows taxpayers to pay their taxes in cryptocurrency. The state also has very favorable co-op statutes that make the region ideal for hosting DAOs and other blockchain-based co-ops. Laws that exempt crypto from state security guidelines allow people to trade crypto without needing complicated licenses. There are even plans to move state regulatory organizations, such as their cattle branding system, onto the blockchain.

Home to the Biggest Crypto Conferences

Denver also attracts a lot of interest from cryptocurrency groups because of its annual conferences. The city is home to ETHDenver, the biggest and longest-running Ethereum event. This community-owned festival contains a blend of build-a-thons, workshops, community events, and more.

ETHDenver is a valuable part of the city’s crypto scene because it brings the best and the brightest to Denver. It attracts big names like Andrew Yang, Adrian Robinson, and even Ethereum’s creator, Vitalik Buterin. This impressive networking opportunity encourages a variety of crypto startups to form, and it provides chances for crypto innovators to fine-tune their ideas. All of the excitement and creativity at this annual conference

The Denver Crypto Scene Has a Bright Future

With so much innovation and exploration happening in Denver, it’s no surprise that big things are about to happen in Denver. The things that Denver businesses do end up affecting the industry as a whole, so it pays to be aware of them. Here are some of the biggest upcoming trends in Denver crypto.

Cryptocurrency Mines

Lately, the internet has been buzzing with rumors of venture capitalists setting up massive crypto mines in rural areas. Reports of a random LLC named CO Mine 1 buying land in Olathe, Colorado have made many believe large-scale crypto mining is coming to the rural regions right outside of Denver. The fact that Denver-based solar power consultants have been setting up rows of solar panels on the land further lends credence to the theory.

Even if the massive project backed by California investors turns out to be just a rumor, it’s made many Denver residents think closely about crypto mining. The areas outside of the city are very rural and consist of acres of flat land with no desirable developments nearby. These regions could be ripe for cryptocurrency mining. Thanks to convenient state solar guidelines and mining regulations, it would be very easy and affordable to set up a solar-based operation on the outskirts of Denver. This could be a promising project for investors with deep pockets.

Cryptocurrency DAOs

Colorado has a long history of co-ops. State laws are set up to allow people to easily form collectives that have power over finances, real estate, and other assets. In the past few years, cryptocurrency firms have realized this makes Denver the perfect place to form DAOs.

Short for decentralized autonomous organizations, DAOs are collectively-owned blockchain-governed organizations. These groups usually let people join the collective by purchasing tokens, and then all members can vote on decisions made on behalf of the collective. They have a lot of exciting applications ranging from managing blockchain governance to designing mobile games.

Governor Polis is encouraging more companies to make their DAO headquarters in Denver because Colorado has laws in place that allow for easy co-op setup and protect the rights of individuals within the co-ops. In the future, expect to see a lot of DAOs in the Denver region.

More Government Recognition

At ETHDenver, there were many panels focused on the idea of getting the government involved in crypto. Many discussions centered around using lobbying and activism to make the government more aware of the needs of cryptocurrency owners. The end goal is to help cryptocurrency move from a niche subject to a recognized part of daily life.

This is certainly an interesting direction to move in, since many crypto activists like cryptocurrency because of its lack of regulation. However, it makes sense in Denver due to the crypto-friendly political climate. Though most people are still concerned about overreaching government regulation, many promising things could happen with the right government interactions. Policies such as recognizing cryptocurrency as a form of currency or moving crypto oversight from the SEC to a crypto-specific department could be very helpful for Denver crypto investors.