Over 1,500 Bitcoin ATMs set to be launched in Argentina as the economy worsens

04 Oct, 2018
by Richard Allen
Over 1,500 Bitcoin ATMs set to be launched in Argentina as the economy worsens

Argentina’s spiraling economy has resulted in Bitcoin ATM manufacturers flocking to the country as citizens are increasingly turning to digital assets, NewsBTC reports.

Representatives from Bitcoin ATM companies Athena Bitcoin and Odyssey and Odyssey Group have stated that by the end of this year Argentina will have 30 Bitcoin ATMs. By early next year there will be 150, and by the end of 2019, there will be more than 1,500.

US-based Athena Bitcoin began operations in Argentina’s capital Buenos Aires last month. The company already has 12 functioning ATM in Columbia and one in Mexico with plans to expand to Brazil and Chile. While the machines only allow for Bitcoin transactions now, a company spokesperson has stated that there are plans in the works to allow for Litecoin, Ethereum, and Bitcoin Cash transactions.

Odyssey Group said that of the 150 ATMs to be installed before the end of the year, 80% of them will be operational within the first few months of 2019.

Argentina's currency, the peso, has lost more than 50% of its value against the dollar this year, with expectations of another 40% before the year’s end, making the country a prime location for Bitcoin ATMs.

Dante Galeazzi, Argentina’s operations manager at Athena Bitcoin remarked that the country’s unfortunate situation presents an opportunity for remarkable growth for cryptocurrencies, saying:

“Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market.”

Read more: Research: Crypto ATM market will be 9 times as big in 5 years, $145 million

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