Posted 12 months ago | by Ben Armstrong
Crypto ATMs Expand Range – May Drive BTC Demand
The growth of crypto ATMs is continuing across the world as demand for decentralized digital assets heads higher. Several population centers have reported at least one new terminal in response to the growing interest Bitcoins, as well as altcoins.
Cryptocurrency is more common today, and increased use cases have spurred ATM growth to make buying and selling of digital assets more convenient. According to recent data, the last year has seen the number of ATMs across the globe grow by over 70%.
The total number of crypto ATMs is over 7,600 at the moment, with distribution is dependent on consumer demand. These machines help Bitcoin and other crypto holders to buy and sell easily and easily without needing to rely on third parties, like crypto exchanges.
The Market for Crypto ATMs is Growing
Bitcoin demand in Africa is also ramping up. Nigeria has seen its first crypto ATM installed, with 30 more terminals on the way. This makes Nigeria become the leading country on the continent for crypto ATMs, according to Blockstale BTM, the team behind the project.
The ATM installation company CEO Daniel Adekunle says:
“Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa… We hope this great innovation structures our economy and opens more opportunities to our youths and other business owners.”
Africa has traditionally been a cash economy, as many people are too poor to afford banking services. Cryptos can change this, as there is almost no barrier to entering the crypto world.
More Access in Established Markets
The number of Bitcoin ATMs in the USA is already high, with over 5,000 machines. This figure is set to go higher, due to amplified demand for cryptos, and growing adoption.
LibertyX has installed more than 1,000 machines in the last two months. Chris Yim, CEO of LibertyX, says the growth in ATM installations has been rapid. The pandemic has not hit his company.
The growth of crypto ATMs is set to drive Bitcoin adoption higher. This trend has been illustrated by “Bitcoin” keyword searches on Google, which means that more people are now crypto-aware compared to the last several years.
In fact, the COVID-19 pandemic is likely a positive thing for both crypto prices and the adoption of decentralized currency. Not only do cryptos offer contactless payment, but they also sidestep the trainwreck that is the established financial system!