Cryptocurrency ATMs on the Rise Despite Falling Prices
Bitcoin (BTC), Cryptocurrency–In another bid for adoption, the industry of cryptocurrency and Bitcoin ATMs is on the rise in the final month of 2018 despite the market capitalization settling at a low point to end the year.
While coin prices have been shaky through the last two months of the year, with November seeing the worst losses for BTC since August 2011, a report published by Coin ATM Radar supports a rising interest in cryptocurrency. According to the information first released on Dec. 10, cryptocurrency ATM manufacturers opened 209 new tellers around the world in the month of November, even as the valuation for the number one cryptocurrency by market capitalization plummeted. The report includes details on 68 previously established kiosks being closed, bringing the net month’s increase to 141 new ATMs, a positive stroke for the industry and enthusiasts seeking reasons to remain optimistic for crypto adoption into 2019.
Despite falling prices for Bitcoin, which reached a historic low on the month, and the broader altcoin market, adoption and growth for the industry of cryptocurrency continues to give positive indicators. Two weeks ago, EWN reported on Google trend’s compiled year-in-review, which revealed “What is Bitcoin?” to be the number one search inquiry for questions asked in the United States and United Kingdom.
For some, the falling price and valuation for cryptocurrency has been a strong indictment on the future of the industry and innovation of the technology established through blockchain. However, for others, the falling prices are just obscuring the backdrop of broader adoption for Bitcoin and transacting in cryptocurrency. While ATM kiosks may not hold the same cache as institutional investment, Exchange Traded Fund approval, or recognition by social media giants like Facebook, it does provide a small indication of the building crypto adoption being predicted for 2019 and beyond.
Billionaire crypto investor and Bitcoin bull Mike Novogratz, in a conference call to kick off the start of the month, proclaimed that cryptocurrency had a strong outlook for 2019 and 2020 despite current market prices,
“I fundamentally think you’re going to see big adaption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items so I think people will be more comfortable participating in blockchain. We’re making big investments in that area.”
Considering the 2,243 crypto ATMs operating in the United States, with many more spread across the globe, it appears the intrigue for crypto investing exists on Main Street. According to the data compiled by Coin ATM Radar, altcoins accepted at crypto ATMs grew by 59 percent during the month of November, shedding light on an industry that is broadening in both offering and usability. Coinbase, the popular U.S.-based exchange with over 13 million users, has made a sizable impact in broadening crypto exposure for casual investors, by adding more altcoins to its limited selection over the last month.
However Bitcoin, with its first to market advantage and near household name status, has managed to claim the lion’s share of ATM activity, with the majority of machines (to the tune of 4,042), accepting the king of cryptocurrency.