A month ago, came the announcement which revealed the complete installation of the first Bitcoin ATM in a shopping mall located at Buenos Aires, Argentina. Now the South American nation could be getting as many as 30 cryptocurrency ATMs by the end of 2018 with the rising demand of Bitcoin.
There’s been a reported case of financial crisis in the country following the shrinking value of the country’s currency recently. Already, the Argentine Peso has lost value by 50%, against US dollar and it has been observed that more value will be lost during this course.
Due to this reason, there have been a high demand of cryptocurrency usage within the country in recent times, Hence, bringing back the need for the installation of more crypto ATM stand in the country.
A US company, Athena Bitcoin, installed the first Bitcoin ATM machine understanding the huge potential across the entire nation. Meanwhile, another US company, Odyssey Group is all set to foray its expansion in Argentina by installing around 150 cryptocurrency ATMs soon. Among those 150 ATMs, about 80 percent will be Bitcoin-operational within the first few months of 2019.
According to the Argentine operation manager for Athena Bitcoin, Dante Galeazzi
In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market.
He also added that
Investment in Bitcoin almost protects Peso’s value and gives a chance to make an investment in the market.
The actual plan for 2019 is to install 1,600 Bitcoin ATMs in different parts and regions of Argentina. Apart from Argentina, both the US companies are also trying to expand in Mexico, Brazil and Chile.