Crypto automated teller machines (ATMs) have gained popularity worldwide in line with cryptocurrency’s growing adoption rate. A cryptocurrency ATM resembles a traditional ATM and is often used for trading bitcoin or withdrawing money.
Data suggest that the number of Bitcoin ATMs has increased in tandem with the development of the crypto industry.
Sources reveal that the first crypto ATM debuted about ten years back in October 2013. In the past ten years, the crypto sector has gone through numerous ups and downs; however, its popularity has eventually increased, leading to more ATMs.
As per data, there are 39,678 devices in total spread across 84 countries around the globe. However, a major share, i.e., 85% of the total count, resides in the United States of America. North America in the US accounts for the most significant number of Bitcoin ATMs.
In total, the US, which is the world’s leading economy, has a count of 34,298 machines. In the US, the highest number lies in financial hubs like New York, Los Angeles, and Miami. Its northern neighbor Canada occupied the second spot with 2,704 ATMs.
The other countries in the top five list include Spain, Poland, and El Salvador, in the specified order. Spain is in third place with 270 machines, followed by Poland and El Salvador with 214 and 212 machines, respectively.
Despite being a comparatively smaller country, El Salvador has made it to the top five, given its strong crypto advocacy. It is also the first nation to make bitcoin a legal tender.
While the western countries have been progressing in the global ATMs race, Asian nations owing to their friendliness towards crypto have taken a back seat.
The Asian countries, despite their technological advancement, didn’t make it to the top five list. Amongst the Asian nations, the highest density of Bitcoin ATMs has been recorded in China’s special administrative region, i.e., Hong Kong, with 154 machines.
Reportedly, Japan, a pro-innovation country, had zero machines on its territory for more than four years. The Japanese authorities shut down all devices in the region since the beginning of 2018. However, in August this year, they softened their stance and reconsidered the idea of ATM installations in Tokyo and Osaka, as reported by Todayq News.
Interestingly, Singapore aims to be a crypto hub but has no Bitcoin ATMs in its territory. This is because the country’s financial regulator, the Monetary Authority of Singapore (MAS), banned the cash-to-crypto terminals as part of a wider crackdown on promoting digital currencies to the public at the beginning of the year.
Kazakhstan, which accounts for 13% of the global mining hashrate, has only a Bitcoin ATM, whereas Vietnam, the world’s crypto adoption leader, has about five devices. China, given its anti-crypto stance, has zero machines.