The year 2021 has witnessed a more than two-fold increase in BTC ATMs. According to the Coin ATM Radar report, the global BTC ATMs Q1 2021 stood at 16,966 approximately 2.5 times the installed capacity in early 2020.
The report indicates that the rallying of the currency’s price saw a 20% increase in BTC ATMs in 2021. This increase coincides with BTCs current bullish run. By the time of going to press the currency exchanged slightly lower than $61,000, it’s all-time highest mark.
Furthermore, the report also shows that the US accounts for an excess of 80% of all the BTC ATMs. On top of that, Europe also shows a growing usage of ATMs.
In the same breath, the Genesis Coin has the lion’s share among the BTC ATM manufacturers. At 38% of the market’s share, it dwarfs its closest competitor General Bites. The latter’s market share stands at 27%.
Gradual ATM Usage
For anyone wishing to purchase the asset, Bitcoin ATMs are a handy means. Regardless, they remain an exorbitant transaction tool. It is expected that they will continue to increase all the same.
Observers opine that their growth is indicative of growing demand. In turn, this growth is essential to mass adoption. Users transacting on the ATMs can use either their debit or credit cards.
It isn’t a surprise that the rise in these numbers comes at a time when the asset’s value continues to grow. As indicated in the opening, the asset hovers around the $61,000 mark.
Within a few months, the premier crypto has gained tens of thousands of dollars. Again, all indications point to it holding above the $ 20,000 mark it had sought to breach last year.
Institutions Venture on BTC
The current trajectory puts it on course to achieve targets set by analysts from major financial institutions. A good example of these institutions are JPMorgan Chase and Citibank. While the latter had set it a target of over $ 300K by 2023, the former had settled on $146K.
Investors including Tim Draper had made similar projections. He reckons that the asset would reach $250K by 2023.
Increased Global Regulation
All these are happening at a time when governments are contemplating increased regulation of cryptos.
Countries such as South Korea are intent on banning privacy coins associated with money laundering and financing terror. On its part, India looks to ban all privately issued coins.