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Cryptocurrency ATMs Coming to Argentina thanks to Struggling Peso

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cryptocurrency ATMs

At the moment, there are 3,826 cryptocurrency ATMs in 76 countries.

However, that number will only rise.  In fact,  we’re likely to see an increase in ATMs in regions with unstable currencies, much like Argentina and its peso.

With inflation expected to exceed 40% this year in that region, more Argentines are turning to cryptocurrency, for example.

Argentina likely to get 30 ATMs to buy and sell Bitcoin by the close of 2018

“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to (the peso’s) value, as well as an opportunity to invest in the market,” Athena Coin operations manager, Dante Galeazzi says, as quoted by Reuters.

For example, Athena Bitcoin already launched Argentina’s first Bitcoin ATM in September 2018.  Odyssey Group says of the 150 it plans to install in the country, 80% will be Bitcoin-operated in the first half of 2019.  Both companies are looking to expand in other Latin American countries, too.

The Global ATM Market could be Worth $145 Million

By 2023, the global ATM market could be worth as much as $145 million.  That’s according to a study by B2B firm, Markets and Markets. They note the market could grow at a compound annual growth rate of 54.7% over the next five years.

Right now, the largest market for cryptocurrency ATMs by 2023 will continue to be North America, which currently has 73% of the market.

“The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers),” the report titled “Crypto ATM Market – Global Forecast to 2023” noted. “In 2017, the Government of Mexico declared bitcoin legal. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.”

This will only help quicken adoption of cryptocurrency on a global scale.

 

 

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