Is Bitcoin (BTC) back? As the price of the digital currency edged past $8500 for the first time in 2019, the daddy of all cryptocurrencies surged more than 6% on Friday.
The largest of all the cryptocurrencies found itself boosted by the news that Binance, the Malta-based crypto exchange, is to stop all customers from the US from accessing its services. With over 40 million customers potentially withdrawing their funds from Binance, Bitcoin is finding favour as a hedging instrument. Crypto traders suggestively exchanged a large number of altcoins for bitcoin as a safety measure against the latest Binance announcement.
Is Bitcoin Back?
However, even with a spike in price, there is another reason to indicate that Bitcoin is indeed ‘back’- Bitcoin ATM installs.
The number of Bitcoin ATM installs in the world reached 306 in May, the highest increase for a year. Data released from Coinatmrader reveals that global bitcoin installations hit a 1-year high. When comparing the number of machines installed and the number removed during May, a positive growth of 228. Data released from Coinatmrader reveals that global bitcoin installations hit a 1-year high. When comparing the number of machines installed and the number removed during May, a positive growth of 228. The highest net positive growth was 256 recorded in April 2018.
The 306 bitcoin ATMs installed in May now takes the tally of total machines worldwide to 4,898 and coincides with Bitcoin adding over $3500 to its price last month. The 60% increase in Bitcoin’s price may not necessarily indicate that we are going to see the giddy days of late 2017 (yet), but the price rise along with the ATM increases paint a positive picture for the crypto world.
The fact that there is demand for Bitcoin ATMs shows that growing numbers of people willing to utilize their crypto assets suggests that cryptocurrencies have not been forgotten or abandoned. One of the many complaints on why crypto hasn’t taken over our everyday life just yet was that usage was too low. People were investing in but using. With more and more outlets accepting crypto and now a growing number of crypto ATMs being installed, the long term future of Bitcoin just got that little bit brighter.
You should include debit card bitcoin ATMs like LibertyX as well. Should be well above 306 for May if they are included.
Hi John, that’s a good point, thanks. Will look into it.