Bitcoin is exploiting the economic and fiat crisis as Argentina will see more than 150 Bitcoin ATMs installed by next year while emerging markets like Brazil and Mexico are seen as potential markets. Meanwhile, Bitcoin search accelerates in Iran as its currency also takes a hit against USD.
Economic & fiat crisis to drive people towards Bitcoin
Iran’s rial hit an all-time low of 190,000 against the US dollar at last month end. Though it has rebounded to about 140,000 rials in recent days, the national currency has lost about two-thirds of its value in the last year.
Meanwhile, Bitcoin search is taking a rise in the country as shown below:
In last three months, it has been constantly on an upward movement:
Meanwhile, in Argentina, about 30 Bitcoin ATMs are expected to enter by the end of this year amidst the economic and fiat crisis in the country.
US-based Odyssey Group is planning to install 150 ATMs by the year-end, 80 percent out of which will be bitcoin-operational within the first months of next year. Another US company, Athena Bitcoin launched the first Bitcoin ATM in the country last month.
A stellar opportunity for crypto market
Dante Galeazzi, the Argentina operations manager at Athena Bitcoin states:
“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.”
The tumbling peso that has lost over 50 percent of its value against USD so far in 2018 and rising inflation that is expected to exceed 40 percent by this year end is representing a growth opportunity for the crypto market, according to him.
Galeazzi further shared:
“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to (the peso’s) value, as well as an opportunity to invest in the market.”
Though the machine will support only Bitcoin (BTC) initially, it will include Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) among other cryptos in the future.
Both the companies are planning to expand in other Latin American countries as well. Brazil, Chile, and Mexico are seen as potential markets for this expansion.
However, the fees along with other issues are certainly creating an obstruction to use these ATMs as one Redditor shared,
“Argentinian here. I think the greatest pain is the local regulations (up until recently only traditional banks were allowed to have ATMs of any kind) and costs. The other day I found a bi-directional bitcoin ATM at a major shopping center here in Buenos Aires, but the price is expensive (almost +10% USD a week ago, I checked today the price is +5%, which is a lot more reasonable). The thing that sucks is having to register with your national ID document and the ATM even takes a photo of your face along with telephone number (guess the KYC is imposed by regulations).”