The number of bitcoin ATMs installed worldwide surged by more than 100% in 2021, the highest increase since ATMs initially appeared in 2013.
There were 14,000 bitcoin ATMs in January 2021. Currently, there are 34,000.
The growing number of bitcoin ATMs around the world indicates that the currency is gaining traction in the larger economy.
On many levels, 2021 has been a wonderful year for bitcoin, and the growth of ATMs is just one of many signs of a bright future.
The trend of increasing bitcoin ATMs began in 2020 and has continued to this day, despite the pandemic.
Bitcoin ATMs increased, despite the pandemic
In 2020, the number of Bitcoin ATMs doubled, from around 6,400 to 12,800. This trend began in 2018, following the ICO mania earlier that year.
The most apparent disadvantage of Bitcoin ATMs is that transactions are substantially more expensive.
As a result, numerous customers have said that bitcoin ATMs are preferable than fixed crypto exchanges.
However, it is a simple way for the general public to invest in bitcoin, and it provides some exposure to the asset class.
The installation of bitcoin ATMs was first reported to be booming in March 2021, and since then, additional countries have jumped on board. As a result, several countries now operate bitcoin ATMs.
Many countries have Bitcoin ATMs
While bitcoin ATMs are becoming increasingly popular around the world, the vast bulk of them — approximately 29,000 — are located in the United States.
Bitcoin Depot alone built more than 350 bitcoin ATMs in the United States in May 2021.
Honduras became the first Latin American country to open a crypto ATM as interest in the asset class grew.
El Salvador has about 200 Bitcoin ATMs and accepts bitcoin as legal tender. After El Salvador, Colombia followed and opened its own cryptocurrency ATMs.