In 2021, the number of bitcoin ATMs deployed around the world increased by more than 100%, the greatest increase since ATMs first appeared in 2013. There were slightly over 14,000 BTC ATMs in January 2021, and there are currently just under 34,000.
The increasing number of bitcoin ATMs throughout the world is a sign that the currency is gaining traction in the wider economy. On many levels, 2021 has been a wonderful year for BTC ATMS, and the growth of ATMs is just one of many signs of a bright future.
The trend of more bitcoin ATMs started in 2020, and it has continued despite the pandemic. In 2020, the number of Bitcoin ATMs more than doubled, from around 6,400 to 12,800. Following the ICO craze earlier that year, this trend began in 2018.
BTC ATMs have some drawbacks, the most notable of which is that transactions are significantly more expensive. As a result, several users have stated that they prefer bitcoin ATMs to fixed crypto exchanges. However, it is a simple way for the general public to invest in BTC, and it provides some exposure to the asset class.
Since then, other countries have joined the bitcoin ATM installation, which was initially reported to be seeing substantial growth in March 2021. As a result, bitcoin ATMs can now be found in a number of nations throughout the world.
While bitcoin ATMs have grown in popularity around the world, the vast majority of them — around 29,000 — are located in the United States. In May 2021, Bitcoin Depot alone opened more than 350 BTC ATMs in the United States.
Honduras became the first country in Europe to install a crypto ATM as demand in the asset class grew. El Salvador has approximately 200 Bitcoin ATMs and recognizes bitcoin as legal tender. After El Salvador, Colombia followed suit and opened its own cryptocurrency ATMs.
China, on the other hand, prohibits the use of cryptocurrency. In Beijing, however, it has opened a digital renminbi and cash exchange service ATM.