Many remain distrustful of Bitcoin, since blockchain technology seems confusing to them; transactions withcryptocurrencies are only available on exchanges, and coinscan't be put in your pocket. ATMs are closing this gap, as they are a familiar and understandable tool for the vast majority of the world's inhabitants.
In 2017, the Bitcoin rally was provided by enthusiasts andwide publicity of a new financial instrument; in 2020 - the interest of institutional investors considering cryptocurrency as an alternative to traditional savings assets; in 2021, the rally could take place thanks to the interest and recognition from the general public. The emergence of new ATMs will also contribute to this.
Over the past seven months, the number of newcrypto ATMs grew by 71% compared to last year, and their total number approached the mark of 24.5 thousand devices. More than 48 crypto ATMs are installed in the world every day.
Image source: coinatmradar.com
Leader in the number of operating devicesare the United States with a share of 86.5%, followed by Canada with 6.8%. However, the biggest gains this year are expected in El Salvador, which has recognized Bitcoin as legal tender. In the near future, the American operator Athena alone will deploy about 1,500 machines in the country, while currently the Coinatmradar resource records only five devices.
The proliferation of crypto ATMs canprovoke a new round of demand for Bitcoin. Ascent recently conducted a survey and found that the biggest obstacle to owning cryptocurrency is not understanding how to acquire it. So, 20% of the Americans surveyed would like to buy Bitcoin, but do not know how to do it. At the same time, the study showed that about 50 million citizens plan to buy cryptocurrency in the next two years.
Image Source: Cryptocurrency ExchangeStormGain
Crypto ATMs fix this problem becauseare a habitual intermediary between a person and his currency account. Coinsource Marketing Director Derek Mooney predicts that the market will grow to 100 thousand devices by 2025, and the industry capitalization to $ 1.7 billion. The emergence of crypto ATMs makes the purchase of Bitcoin as easy as possible, which will attract new users to this industry, and the network activity will continue to grow.
Would you buy Bitcoin if it appeared in ATMs in your city? Write about it in the comments!
Analytical group StormGain
