Austin was ranked No. 9 overall, and the third U.S. hub on our list. Austin was ranked No. 9 in the overall rankings, behind Wyoming and Silicon Valley. The criteria for the Crypto Hubs were based on national standards, and so the low crypto regulatory score that accounted for 35% in the ranking calculations was a problem across the board. The highest score for crypto adoption in our sample, which accounted for 10% of the total, partially offset this negative. Among the U.S. hubs, Austin had the highest quality-of-life and ease-of-doing-business scores, but trailed Wyoming and Silicon Valley in opportunities, with lower per-capita crypto jobs, companies and events.

To learn more about the criteria we used and how they were weighted, please visit: Our Methodology for Ranking CoinDesk’s Crypto Hubs in 2023.

(Ian Suarez/CoinDesk)

Austin was a top-ranked city for remote work even before the Covid-19 outbreak. This is due to its excellent connectivity, low housing costs and vibrant tech scene, which includes Dell and the University of Texas.

Austin is not only known for its outdoor vibe, but also for its creative food scene, renowned music venues and a thriving live-music scene.

The Texas capital was able to take advantage of the remote-friendly blockchain industry for the first time in its 14-year-old history. Plus the allure of zero state income taxes proved too much to resist for many untethered-to-the-office crypto workers, and the scene now encompasses a wide range of developers, executives, traders, venture capitalists and Bitcoin miners.

Parker Lewis, the former head of business development for the Austin-based Bitcoin start-up Unchained Capital between 2018 and 2022, said that Austin had surpassed New York City, San Francisco, and Seattle as a top home base among Bitcoin developers. He would know, as he was the organizer of many local Bitcoin meetups.

The city is home to some of the most knowledgeable and passionate bitcoiners. These include developers Jimmy Song, Bryan Bishop, Blockstream’s Lisa Neigut and Lightning Labs’ Ryan Gentry, as well as podcaster Marty Bent.

Lewis, a writer of a Bitcoin book, told an interviewer that “once the gravitational forces start, it feeds on itself.”

He also manages Bitcoin commons a coworking space and events venue that opened in Jan 2022. The 117-year old Littlefield building is located in downtown Austin, next to Unchained. Bitcoin-focused workers who pay $400 per month can work in a shared space with a kitchen, drinks, and snacks. The space is sponsored by Austin-based Trammell Investment Partners. Dustin Trammell leads the Bitcoin-focused investment company.

The Austin Bitcoin community has been shaped by Justin Moon. He is the co-founder and CEO of Fedi, a local startup that raised over $17 million during a Series A funding in May and describes itself as a “federated operating systems.” Bitcoin companies such as Core Scientific and Riot Platforms also have offices or operations in Austin. It goes without saying that the state’s politicians are known for their support of the energy industry

Austin’s Multicoin Capital is not only the largest crypto-native firm in the world, but also has exposures to many foundational crypto projects ranging from Algorand, Aptos, to Solana, and Worldcoin. Austin is home to the Studio of NFT artist Tyler Hobbs whose collection Fidenza fetches floor prices above $140,000.

Meetups and festivals, both secret and not so secret

CabinDAO offers “creator residencies” funded by ether (a href=”https://www.coindesk.com/price/ethereum/”) at a 28-acre retreat in Johnson City, Texas Hill Country, an hour’s drive west of Austin. CabinDAO, a non-profit organization in Johnson City in the Texas Hill Country offers “creator residency” funded through ether contributions ( ETH).

It would be remiss of any article to mention the Austin crypto scene if they didn’t also mention the conference which brings together the global crypto community. (And no, I am not referring to the Permissionless Conference co-hosted in September by crypto media companies Blockworks and Bankless). CoinDesk’s Consensus festival, which is held at the Austin Convention Center every two years, has been instrumental in putting Austin on the map. It’s coming back, very soon.

ATX DAO is a decentralized autonomous organisation formed in October 2021. Its goal was to ” make Austin the Crypto Capital of the World.” According to Mason Lynaugh, the co-founder, the organization has sold 153 members at the price of $1,900. According to the group’s website, the organization’s goal is to “unite Austin’s crypto communities” and to enable local businesses and artists to participate in Web3.

Lynaugh, a lifelong Austinite and University of Texas at Austin graduate, says he quit his job at an IT database company recently to spend more time with ATX DAO because of the potential growth.