Austin is quickly emerging as a hub for the cryptocurrency industry. Despite being ranked third behind Wyoming and Silicon Valley, the Texas capital’s quality-of-life and ease-of-doing-business scores are unrivaled, making it an attractive location for remote workers and entrepreneurs. The state’s zero income tax policy has also drawn in untethered workers, including developers, executives, traders, venture capitalists, and Bitcoin miners.
Business development expert Parker Lewis stated that Austin has surpassed New York, San Francisco, and Seattle as the top home base for Bitcoin developers. Lewis, who heads Bitcoin Commons, a coworking and events space that opened earlier this year in downtown Austin, explains that “once the gravitational force starts it feeds itself.”
Austin has also attracted a handful of Bitcoin mining companies such as Core Scientific and Riot Platforms. Additionally, crypto-native investment firms like Multicoin Capital, led by Kyle Samani and Tushar Jain, operate in the area.
The city is host to several regular cryptocurrency events, including the privately-funded Keiretsu meetups in the swanky South Congress district. CabinDAO also offers “creator residencies” funded by ether contributions at a 60-acre retreat in Johnson City, an hour west of Austin in the Texas Hill Country.
As the industry continues to grow, Austin’s thriving tech scene, affordable housing, and outdoorsy vibe continue to attract workers and entrepreneurs alike. The city’s allure as a blockchain industry has been remote-friendly for over a decade, cementing its position as a central hub for the cryptocurrency industry.