Over 10,000 Bitcoin ATMs Installed Globally In 2021 As Demand For Cryptocurrency Grows

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With cryptocurrencies moving towards widespread adoption, industry players are putting in place structures to support the change. Notably, with the recent increase in demand for assets like Bitcoin, the number of ATMs supporting digital currency transactions is also on the rise.

According to data acquired by Finbold, in the first three quarters of 2021, a total of 13,242 Bitcoin ATMs were installed worldwide. A significant number of machines were installed in the third quarter of 2021 to 4,779, a growth of 7.8% compared to 4,430 ATMs in the second quarter. The first three months of the year saw the installation of 4,033 new machines. July recorded the highest installations with 1,963 machines.

Elsewhere, on the continental distribution of ATMs, North America eclipses the rest of the world with 26,489 ATMs representing a share of 93.5%. Europe is in second place with 1,268 ATMs, a share of 4.5%. Interestingly, despite having a significant number of cryptocurrency users, Asia has only 234 ATMs, a share of 0.8%. Data on the global Bitcoin ATM installation is provided by Coin ATM Radar.

Global Bitcoin ATMs Growth Drivers

Bitcoin ATM’s accelerated installations for 2021 highlight the role of machines amid the growing popularity and adoption of cryptocurrencies around the world. Interestingly, the installation jumped in the third quarter despite Bitcoin’s general correction. This is a possible indicator that suppliers and investors are optimistic about the long-term outlook for the sector.

Overall, Bitcoin surged in 2021, fueled by institutions that attracted more retail investors who aimed to take advantage of the growing asset value. In this case, users who wish to profit from the asset found Bitcoin ATMs appealing as they were potentially aimed at bypassing the complex KYC protocols that are synonymous with crypto exchanges. Additionally, ATMs have made it possible for people to get involved in the crypto industry which is increasingly seen as a hedge against inflation and a store of wealth, especially in the wake of the economic collapse. resulting from the pandemic.

Additionally, ATMs are now helping to facilitate payments via Bitcoin. In particular, more and more companies are positioning themselves to take advantage of the crypto boom by allowing customers to pay in Bitcoin. This aspect is further reinforced by El Salvador’s declaration of Bitcoin as legal tender.

For businesses, they are powering two-way ATMs with dual functionality allowing users to buy and sell crypto. The demand for two-way ATMs is increasing due to their multifunctional features.

Like the general cryptocurrency industry, the Bitcoin ATM scene is also witnessing innovations, with players looking to take advantage of the user-friendliness aspects of the machine. In this line, installers are also focusing on the display segment which is considered user-friendly for many ATM users due to cost efficiency and lack of additional equipment.

How North America Got To Dominate The Bitcoin ATM Scene

Despite unclear crypto regulations, North America dominates global Bitcoin ATMs due to high demand and innovations in the space. Notably, the region also has a substantial share of crypto ATM providers in a more user-friendly environment. Elsewhere, countries like Canada and Mexico are emerging as fintech hubs in the region.

At the same time, the United States has also registered a partnership in providing Bitcoin ATMs. Recently, two large Bitcoin ATM manufacturing companies, ChainBytes and Hippo Kiosks, have teamed up to supply the machines in Pennsylvania.

Currently, the number of Bitcoin ATMs around the world can be considered insignificant compared to the traditional financial industry; however, the growth potentially indicates what to expect in the future. With the growth of crypto users, ATMs are expected to increase to accommodate new investors. On the other hand, the unclear regulatory landscape poses a threat to the growth of the sector.

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