As one of the quickest and most convenient ways to transfer physical cash into Bitcoin or other cryptocurrencies, crypto ATMs or BTMs continued their impressive growth in 2021.
Data from Block Arabia shows that nearly 10,500 new BTMs have been installed in seven months of 2021, 55% more than in the entire 2020.
What are crypto ATMs?
Crypto ATMs, also known as Bitcoin ATMs or BTMs, is a physical device that allows users to purchase Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies with cash or their debit or credit cards. Some models are bi-directional and also allow the sale of digital currencies for cash.
Developed countries like the United States, Canada, and the United Kingdom hold the biggest number of BTMs. However, over the years, they also became very popular in countries whose citizens need a quick exchange of an official currency for a digital asset not regulated by the government.
In 2018, more than 2,000 new BTMs had been installed worldwide, with their total number reaching 3,187 in December that year, according to Coin ATM Radar data. Over the next twelve months, the number of crypto ATMs grew by another 2,000, reaching 4,848 in December 2019.
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Last year witnessed an explosive growth of BTMs, as the entire crypto market boomed amid the COVID-19 crisis. By the end of 2020, the number of ATMs supporting digital coins tripled and hit almost 13,000 globally.
However, 2021 showed as the record year for crypto ATMs. Over the last seven months, the number of BTMs grew more than in 2019 and 2020 combined, reaching a total of 23,217 last week.
Leading market for BTMs
Analyzed by geography, the United States represents the leading crypto ATM market, with 88% of all Bitcoin ATMs globally. The Coin ATM Radar data also revealed the number of BTMs operating in the United States jumped by almost 50% in the last three months.
In March 2020, US citizens could use 13,889 crypto ATMs all around the country, a figure that jumped to almost 20,500 last week.
As the second-largest BTM market globally, Canada also witnessed impressive growth in the number of BTMs, rising by 26% in the last three months to 1,610.
However, the number of crypto ATMs in the United Kingdom, as the third-largest market, continues falling. Statistics show the number of BTMs in the country plunged by 25% since September 2020, landing at 194 last week. Austria, Hong Kong, and Switzerland follow, with 159, 128, and 128 BTMs, respectively.
Statistics also show Genesis Coin still tops the list of largest crypto ATM manufacturers, with a 40% market share and 6,376 BTMs operating worldwide as of last week. General Bytes ranked second with a 24% market share and 5,546 BTMs. BitAccess and Coinsource follow with an 11.6% and 7% market share, respectively.
Also, the Coin ATM Radar data showed that all of the 23,217 crypto ATMs support Bitcoin, 73% Litecoin, 57% Ethereum, and 29% Dogecoin.
