Curious who actually uses the machines? I love to spot them in random locations and make a big scene, so then people ask, “What is it?” Great icebreaker to introduce Bitcoin…
When the world’s first Bitcoin ATM was installed and established in Vancouver back in November 2013, it was considered a landmark for the cryptocurrency revolution. Alas, with the growing popularity of Bitcoin and cryptos, some like Vancouver’s present Governor, Kennedy Stewart, have taken a step backwards, with Kennedy firmly against the idea of such machines following the rise of crypto-related crime in the city.
However, crypto ATMs continue to be popular across the globe and according to Coinatmradar, Crypto ATMs recorded their highest number of installations in the month of May 2019 for over a year, with a net growth of 227 ATMs.
At press time, the number of crypto ATMs present around the world stood at 4938, with a majority of the ATMs based out of North America. The continent was host to 73.7% of the world’s crypto ATMs, with United States hosting 60.2% of them.
Europe had the third most ATMs with 22.4 %. Unsurprisingly, Asia only hosted 2.2 % of the ATMs since major countries like India and China were still not entirely sold on the idea of cryptos.
In terms of utilization, Bitcoin was the most favored virtual asset as out of 4938 ATMs, 4935 ATMs supported the use of Bitcoin. Litecoin was the 2nd most assisted virtual asset with 3207 ATMs, while Ether and Bitcoin Cash were supported by 2743 and 1823 ATMs, respectively.
The overall growth of ATM installations has risen by a steady rate, since the first ATM installation in 2013.
The surge in ATM installations this year could be attributed to the market surge witnessed by Bitcoin after April. Bitcoin’s recent growth rate has allowed it to outperform traditional assets, and even S&P 500 assets.