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In addition to the subjective opinions of experts, there is an objective indicator of the growing popularity of bitcoin and other cryptocurrencies – the number of ATMs offering digital currencies.
In 2021, amid growing demand for cryptocurrency, almost 20,000 new ATMs with support for Bitcoin and some altcoins were installed, that is, more than 50 ATMs were added every day.
According to Finbold, there were 14,040 BTC ATMs in operation as of January 1, 2021, while the Coin ATM Radar figures as of Tuesday December 28, 2021 are 33,850 ATMs. Thus, the number of devices increased by 19,110 machines.
Considering that not all Bitcoin ATMs are tracked by CoinAtmRadar, the actual number may be higher.
Interestingly, in the third quarter, despite the overall decline in the value of bitcoin, the number of installs increased the most. This suggests that market participants are optimistic about the long-term prospects of cryptocurrency.
Overall, the value of BTC has grown significantly in 2021, aided by organizations that have attracted more retail investors to the sector. The flagship digital currency is up 69% since the beginning of the year, according to Finbold.
For crypto investors looking to capitalize on an asset, Bitcoin ATMs are especially attractive because they can bypass the cumbersome Know Your Customer (KYC) procedures common on cryptocurrency exchanges.
In addition, BTC is increasingly seen as a store of value, especially in the face of current record inflation.
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