With cryptocurrencies moving towards mainstream adoption, players in the sector are putting in place structures to support the shift. Notably, with the recent demand for assets like Bitcoin growing, 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 had been installed globally. A significant number of the machines were installed in 2021 Q3 at 4,779, a growth of 7.8% from Q2’s 4,430 ATMs. The first three months of the year recorded the installation of 4,033 new machines. July recorded the highest installations at 1,963 machines.
Elsewhere, on the continental distribution of the ATMs, North America dwarfs the rest of the world with 26,489 machines representing a share of 93.5%. Europe ranks second with 1,268 ATMs or a share of 4.5%. Interestingly, despite accounting for a significant number of cryptocurrency users, Asia has only 234 ATMs or 0.8% share. Data on global Bitcoin ATM installation is provided by Coin ATM Radar.
Drivers for global Bitcoin ATM growth
The accelerated Bitcoin ATM installations for 2021 highlights the role of the machines amid the growing popularity and adoption of cryptocurrencies globally. Interestingly, the installation surged in the third quarter despite the general correction of Bitcoin. This is a possible indicator that providers and investors are bullish on the long-term prospects of the sector. source