11 hours ago · 2 min read
Bitcoin › Adoption
The number of installed Bitcoin ATMs more than doubled in 2021
During this year, crypto made several huge leaps as far as mainstream adoption goes–one of the stats reflecting this fact is the number of Bitcoin ATMs.
More than 20,000 new Bitcoin ATMs were installed around the world since the beginning of 2021, according to Coin ATM Radar that keeps tabs on all the locations where crypto can be bought and/or sold for cash.
2020 ended with 12,869 Bitcoin ATMs installed around the globe, and during the past year, that number climbed to 34,013 operational machines.
Coin ATM Radar’s chart showing the number of machines installed over time reveals an exponential growth.
Although they can be found in almost all corners of the world, their distribution remains concentrated–with roughly 95% of the running machines being located in North America.
The US accounts for roughly 88% of the total number with 29.990 machines, followed by neighboring Canada–with a little over 2,229 machines.
El Salvador takes third place with 205 ATMs, followed by Spain and Austria, with 197 and 142 machines respectively.
Cash to crypto
With over 14,000 devices installed, Genesis Coin is by far the biggest player in the market–as far as manufacturers go.
The US company based in San Diego, CA, manufactured over 40% of the ATMs out there.
Czech company General Bytes follows with 7,561 (22.2%) installed machines, while Canadian manufacturer BitAccess takes third place with 4,876 (14.3%) ATMs.
With over 600 operators around the world, 70% is run by the top 10 companies.
The largest players in the sector are the US companies–Bitcoin Depot, which operates almost 20% of the running machines, followed by Coin Cloud, and CoinFlip, operating 14% and 10% of ATMs, respectively.
This year’s surge in installations reflects the interest in investing in crypto more than anything else, judging by the fact that the majority of the running machines (77%) support the ‘buy only’ option.
“I think the importance of cash to crypto is really missed in the mainstream media today, and we sort of provide that base level of being able to supercharge your dollars. You can take your US dollar and you can turn it into a digital currency and get a million more use cases and value out of it,” Chris McAlary, the CEO of Coin Cloud said recently in The Best Business Show hosted by Anthony Pompliano–explaining how ATMs are allowing unbanked individuals to interact with the global economy.