A Quick Overview of San Francisco
San Francisco, located in the United States, has a population of around 887,711. Founded in 1776, the city is famous for its cable cars, stunning views from the Golden Gate Bridge, and, of course, Silicon Valley. The city’s tech reputation was further cemented by shows like *Silicon Valley* and its pivotal role in the 1980s metal music scene.
The Bay Area’s status as a tech hub was well-established even before the rise of cryptocurrency in 2008. The area was the host of one of the first Bitcoin conferences. In June 2013, San Jose welcomed Coinbase CEO Brian Armstrong and Bitcoin educator Andreas Antonopoulos to speak at a crypto event, during a time when the industry was still in its infancy.
The Growing Crypto Scene in the City
San Francisco has also been a hotspot for crypto enthusiasts. In January 2013, Ryan Singer and Jered Kenna organized one of the first Bitcoin conferences in the Bay Area. During the event, they proposed meeting every first Tuesday of the month to discuss Bitcoin, which would later become the world’s most popular digital asset. Notable attendees included Litecoin’s Charlie Lee, Ripple Labs’ Jed McCaleb, Kraken CEO Jesse Powell, and Coinbase’s Fred Ehrsam and Brian Armstrong. Armstrong later revealed that many cypherpunks attended these early meetups in San Francisco.
Political Support for Crypto in San Francisco and California
California, traditionally a Democratic state, has seen both support and opposition to cryptocurrency as the industry has developed. In 2018, the Fair Political Practices Commission lifted a ban that restricted state and local candidates from accepting crypto donations. In February, California Senator Sydney Kamlager proposed a bill allowing crypto payments for specific services. In May, Governor Gavin Newsom signed an executive order directing the development of a regulatory framework for blockchain technology, designed to foster innovation and collaboration between state and federal governments.
San Francisco has also been the venue for numerous crypto events, including San Francisco Blockchain Week, d10e, and Converge22, a Web3-focused conference held in September.
Crypto Projects from Silicon Valley and the Bay Area
San Francisco is home to several leading tech companies, including Meta, Twitter, and Block, a blockchain-focused payments firm. Other major firms like Visa, PayPal, and Cash App are also headquartered in the city.
Additionally, many crypto projects originated in San Francisco, largely thanks to the area’s rich pool of talent. Coinbase CEO Brian Armstrong welcomed guests at one of the first Bitcoin conferences, and the city continues to host the headquarters of several crypto firms, including Ripple Labs, Compound Lab, Chainlink Labs, and many others.
San Francisco has also witnessed early adoption of cryptocurrency in retail. 20Mission, for example, launched one of the first stores to accept Bitcoin in 2015. Other crypto-related startups, such as Tradehill, Piper Wallet, and Purse.io, also began in the city.
The city is home to over 469 Bitcoin ATMs and has more than 100 businesses, including restaurants, that accept crypto payments.
Crypto Education in San Francisco
San Francisco State University offers a blockchain bootcamp in collaboration with Ripple Labs and the Warsaw University of Technology. This program helps students develop blockchain-based solutions. In addition, the city is home to several blockchain innovation hubs and conferences that foster the growth of the decentralized web.
Blockchain startups in San Francisco continue to promote decentralization and are finding success outside the typical Silicon Valley bubble. Although no clear leader has emerged in the capital of blockchain, San Francisco is making a compelling case as a crypto city.
