US leads the crypto ATM adoption race, first country to surpass 10 ATMs per 100K residents
September 27, 2022 (Investorideas.com Newswire) Due to the fact that cryptocurrencies have been around for a while and have quickly grown in popularity in recent years, they are now regularly seen in the portfolios of both individual and institutional investors. Тhe number of crypto ATMs around us is evidently increasing and they are becoming more widespread and accessible in many countries. Cryptocurrency ATMs are frequently seen as a reliable indicator of a nation's readiness to facilitate cryptocurrency adoption. Therefore, the analyst team at BonusInsider decided to find the countries with the Highest Number of Crypto ATMs per Capita. We combined data from Coin ATM Radar with population data from Worldometer to calculate the number of crypto ATMs per 100,000 people.
ATM's in the US
It's hardly surprising that the US leads the list with nearly 90% of all cryptocurrency ATMs installed worldwide. The number of ATMs in the United States is 34,395, which equals 10 ATMs per 100,000 people. Leading the way is Los Angeles with nearly 2,000 operating crypto ATMs, followed by Houston, Chicago, and Dallas with just over 1,100 each.
ATM's in Canada
Canada is rumored to have the potential to be the next best place to dig for crypto and with 7 ATMs per 100,000 people (2,603 for the entire country), it takes the second position in the ranking. The highest concentration of crypto ATMs is along the Canada-US border, with a huge percentage in Toronto - 909 crypto ATMs.
ATM's in El Salvador
El Salvador ranks third with 212 units and 3 ATMs per 100,000 inhabitants. Under President Nayib Bukele, the nation has a pro-crypto government that wants to advance the small Central American nation in this industry. The nation boasts more than 4 million crypto users or almost 60% of its entire population, and BTC has been recognized as legal cash.
ATM's in Hong Kong
Although Hong Kong exists as a special administrative region controlled by the People's Republic of China, experts deemed it worthy of consideration as a stand-alone country for this study. With a population of 7,630,011 people, Hong Kong ranks fourth with 145 ATMs.
ATM's in Switzerland
Switzerland is the second nation with 2 ATMs per 100,000 people on the list, with 150 crypto ATMs and a population of 8,792,703. The nation has fair tax rates for cryptocurrencies, sees them as assets, and accepts bitcoin as payment in a bunch of areas.
An intriguing fact is that Zug, a tiny town in Switzerland, is also known as Crypto Valley due to the concentration of blockchain companies there.
ATM's in Austria
We can discover cryptocurrency ATMs in Austria in 133 places, with about half in Vienna and the other major cities. Despite the significant cryptocurrency fraud at the start of 2018, Austria continues to rank with 1.49 crypto ATM for every 100,000 residents.
ATM's in Slovakia, Romania, Czech Republic, and Greece
Last in the ranking are the Eastern European countries Slovakia, Romania, the Czech Republic, and Greece, which have the same number of installations per capita according to this study. All virtual assets are legal in Romania as of a 2020 change to the law, and the Czech Republic is one of the first EU nations to adopt a soft regulation of virtual currencies and their legal position there.
George Maloney, market expert at BonusInsider adds that:
"Growing demand for cryptocurrencies and surge in the number of crypto adopters suggest a shift in the investment paradigm, which Is mostly driven by growing younger population, thereby propelling the crypto atm market growth. It's noticeable that an increasing number of merchants and other company owners are putting bitcoin ATMs in their establishments as cryptocurrency usage continues to increase around the globe."
In conclusion, crypto ATMs surely make trading alternatives for users easier, but we shouldn't forget that they also have the drawback of being increasingly exploited for money laundering.
Kind Regards,
David Sandler
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