The rise of Bitcoin ATMs (BTMs) across the United States, particularly during the peak of the cryptocurrency craze between 2020 and mid-2022, has indeed been remarkable. According to data from Coin ATM Radar, the number of BTMs in the country has soared to about 34,000. These machines, which resemble traditional banking kiosks, are designed for buying Bitcoin with cash.
Bitcoin Depot Dominates the BTM Market
Bitcoin Depot, the largest operator of BTMs in the U.S., recently conducted a study that revealed an interesting trend. It found that two-thirds of its customers use these machines primarily for remittances and online purchases. The ability of BTMs to facilitate quick money transfers makes them a popular choice for these purposes.
BTM Expansion Across the US South
Reflecting this growing popularity, Bitcoin Depot Inc. has announced plans to install BTMs across the US South. This strategic move is aimed at making Bitcoin more accessible and convenient for users in the region. The company has forged a retail partnership with a leading convenience store operator to install its BTMs in 63 additional stores across various metropolitan areas. This expansion aligns with Bitcoin Depot’s commitment to bringing Bitcoin to the masses and increasing its BTM network.
Concerns Over BTM Use in Illicit Activities
However, the rise of BTMs has not been without controversy. Some have raised concerns about their potential use in illegal activities. Scammers are known to exploit the machines’ fast transaction speeds to carry out fraud. As BTMs become increasingly commonplace in locations such as malls and gas stations, these concerns have prompted law enforcement and prosecutors to seek ways to mitigate the associated risks.
Read More: The Rise and Concerns of Bitcoin ATMs in the U.S.