The Bitcoin sector is experiencing accelerated adoption as figures released in a report by Crypto Parrot revealed that global Bitcoin ATMs penetration per person as of February 2021 grows by 129.48 percent from the last twelve months from 6,759 to 15,511.
The report believes that based on a global population of 7.8 billion, one Bitcoin ATM would serve 505,856 people. Meaning, a Bitcoin ATM penetration grew by 15.65 times from 2017 where one machine served 7.8 million people.
In February 2020, one Bitcoin ATM would serve 1.16 million people, while during a similar period in 2019, one machine would service 1.83 million people. In February 2018, one Bitcoin ATM would serve 3.52 million people. The analysis also calculated the global Bitcoin ATMs penetration per 100,000 citizens wherein 2017, the figure was at 0.0126, while in 2021, it’s at 0.1977.
According to the research report, Bitcoin ATMs are also playing a vital role in adopting the asset as the cryptocurrency sector matures. There has been an influx of new investors acquiring Bitcoin with ATMs capitalizing on this surge. The ATMs have made it easier to own Bitcoin as they are characterized by simplicity and personalized service. In general, these ATMs have an edge due to speed and ease of use as people do not need to be tech-savvy to operate a machine.
With the increase in Bitcoin ATMs, the machines are becoming increasingly accessible to most people. This is a boast to cryptocurrency proponents who believe the sector will unlock the global unbanked population’s potential.