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As the Bitcoin ATM revolution continues to change markets, industries, and the masses’ relationship with digital currency, one company has established itself as a vital component to cryptocurrency adoption; that company is Bitcoin Depot. Cash is no longer king, as crypto-ATMs are looking to convert physical fiat into decentralized cryptocurrency, money that puts the power into the hands of the people rather than institutions.
This year Bitcoin Depot has already doubled their record from 2017. Bitcoin Depot recently reached the 160 ATM mark with an install rate of over 7 ATMs per month. That number is expected to reach 200 by the end of the year as more and more ATMs are installed in new markets. It is not unrealistic to predict that by 2020 Bitcoin Depot will have over 1,000 BTMs Worldwide.
California, which currently has 436 ATMs, is the number 1 destination for bitcoin ATMs. The market is so attractive that Bitcoin Depot added 20 crypto ATMs in southern California in only a month. Based in Atlanta, Bitcoin Depot has over 150 ATMs making it one of the largest bitcoin ATM companies in the world. With over 50 ATMs in Atlanta alone, the company saw a need to take over the California market. “California has always been the frontrunner of technological adoption,” commented Brandon Mintz, president of Bitcoin Depot, “we realized that we had to move into the LA and San Diego markets as quickly as possible”. The company is serious about the expansion as they placed 17 ATMs in the Los Angeles, including Anaheim, Oxnard, and Pasadena as well as 3 ATMs in the San Diego area in the month of July alone.
Bitcoin Depot, which began operations in 2016, has experienced quick growth as it has more than doubled the number of bitcoin ATMs in the past year and added 3 new cryptocurrencies. The company has also installed more bitcoin ATMs in the bear market than it did when bitcoin was at an all time high. Many people in the community believe that bear markets are good for industries as it brings regulations and dispels the buyers that are looking to get quick rich. It allows for the building of infrastructure in an industry to prepare it for bigger userbases and heavier traffic.
Bitcoin Depot strongly believes cryptocurrency ATMs play a vital role in crypto-adoption. One of the more overlooked demographics are those without access to a bank account. Bitcoin ATMs provide the benefits of cryptocurrency that the underbanked demographic would not have access to, such as having a place to store wealth as well as an easy money transfer solution. With an average of 350 ATMs installed each month, it’s not far fetched to believe that in less than a decade we could see an ATM in half of all the gas stations in America.
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