We could argue the merits and viability of cryptocurrencies like Bitcoin all day. But one thing that’s becoming really tough to deny is the fact that cryptocurrencies aren’t going away anytime soon.
In fact, it’s looking like they’ll soon be more accessible than ever!
Think about it. Have you ever stood there filling up your car or truck and thought, “Gee, I wish I could buy some bitcoin right now!” Yeah, us neither.
But for the growing movement of crypto bugs who can’t seem to get enough of the digital “currency,” a new feature is starting to pop up at smoke shops in Montana, gas stations in the Carolinas and delis in far-flung corners of New York City. We’re talking about brightly-lit bitcoin ATMs, where customers can buy or sell digital currency, and sometimes extract hard cash.
Over the past year, the machines have multiplied quickly through the U.S., fueled by a frenzy in crypto trading that sent bitcoin prices over $58,000. As of January, there were 28,185 bitcoin ATMs in the United States, according to howmanybitcoinatms.com, an independent research site. Roughly 10,000 came within the prior five months.
Kiosk operators such as CoinFlip and Coin Cloud have installed thousands of ATMs, executives told Reuters.
“I just assumed there was demand and people wanted bitcoin everywhere.”
During a week-long road trip to map out bitcoin “deserts,” Shoiket said he found seven places to install machines, including 406 Glass, a store in Billings, Montana, that sells tobacco, vape juice and colorful glass pipes.
While it still doesn’t appear cryptos have been adopted by the masses, if they ever are, there’s definitely a niche market of users out there that can be tapped into. But is this group large enough to keep cryptos like Bitcoin going up forever?