Bitcoin ATMs Increase 87% y-o-y to 10,000 in September 2020
The underlying bullishness seen in Bitcoin (BTC) is reflecting in the form of an increase in the aggregate number of Bitcoin ATMs to over 10,000 across the globe.
As per AksjeBloggen, a Norwegian financial service provider, the number of Bitcoin ATMs (or BTMs) surged 87% y-o-y in September 2020. In the same period last year, there were 5,336 Bitcoin ATMs. Specifically, so far this year, 5,336 Bitcoin ATMs have been set up.
CoinATMRadar, which tracks Bitcoin ATMs, indicates that there are 10,014 Bitcoin ATMs in 71 countries facilitating users to buy and sell Bitcoin (BTC) and altcoins for fiat money.
AksjeBloggen report states “2020 has witnessed a surge in the number of ATMs supporting digital coins. 3,885 new BTMs [opened] worldwide between January and September, a 67% increase in nine months.”
As of date, the US is far ahead of other countries in terms of Bitcoin ATM installations. The country has over 7,800 Bitcoin ATMs. Canada follows suit with 869 BTM installations. Depending on the nature of machine, users can buy and sell cryptos including Monero (XMR), Bitcoin Cash (BCH), Tether (USDT), Litecoin (LTC), Zcash (ZEC), Ether (ETH), Dash (DASH), Dogecoin (DOGE) and XRP.
Nevertheless, adoption is not happening at all places. Data provided by CoinATMRadar indicates that Austria is one among the countries which recorded a decrease in installed Bitcoin ATM machines. Currently, the country has 149 BTMs, a decrease from 244 in September last year.
The decline could be related to the regulatory environment, as Germany, which has only 27 BTMs, has introduced new regulations. To operate Bitcoin ATM, it is requisite for machine owners to get a license from BaFin, the country’s financial regulator.
The law permits German enterprises to be punished for facilitating installation of unlicenses Bitcoin ATMs on their premises, irrespective of who the actual owner is.