As cryptocurrency adoption moves closer to general acceptance, participants in the crypto space are implementing systems to help facilitate the transition.
Indeed, as the current demand for assets such as Bitcoin rises, the number of ATMs that offer digital currencies, in turn, has also increased. In light of this growing demand for crypto assets, almost 20,000 new Bitcoin ATMs have been installed so far in 2021, with more than 50 ATMs being added every day.
According to data acquired by Finbold, As of January 1, 2021, there were 14,040 Bitcoin ATMs in operation; as of Tuesday, December 28, 2021, there are 33,850 ATMs in action, representing an increase of 19,110 ATMs, according to statistics provided by Coin ATM Radar.
Bearing in mind that not all Bitcoin ATMs are being tracked by CoinAtmRadar – the true number might be drastically higher.
Factors fueling the rise of global Bitcoin ATMs
The expanding number of Bitcoin ATMs in operation in 2021 demonstrates how important these machines are becoming as cryptocurrencies gain popularity and acceptance worldwide.
We highlighted in a previous report the number of installations increased in the third quarter despite the overall decline in the value of Bitcoin. As a result, it is probable that suppliers and investors feel optimistic about the long-term prospects of the space.
Generally, Bitcoin’s value increased significantly in 2021, fueled by institutions that drew more retail investors who hoped to benefit from the asset’s growing worth—highlighted by Bitcoin’s ROI by Finbold, which shows the flagship digital currency up 69% year-to-date.
For crypto investors who wish to benefit from the asset, Bitcoin ATMs are particularly appealing since they can circumvent the onerous Know Your Customer (KYC) procedures common on cryptocurrency trading platforms.
Furthermore, Bitcoin ATMs allow individuals to engage in the cryptocurrency industry, which is increasingly being considered a hedge against inflation and a store of wealth, particularly amid the current economic situation heightened by the pandemic and record inflation levels.