Indeed, over the past two years we have seen an absolute explosion of growth in the installation of Bitcoin ATMs. According to CoinAtmRadar, today there are more than 32,000 Bitcoin ATMs in the U.S.
And while some have argued that this ongoing trend is a direct result of the value of bitcoin as an investment coupled with the economic climate, there is more to the story.
One major elephant in this room is the cash infusion boom in the marketplace in 2020, that came as a result of the federal pandemic stimulus packages.
As a result of this lack of regulation and established enforcement protocols, we have seen an alarming number of victims of fraud and scams at Bitcoin ATMs all across the country.
This could lead to a reversal in the number of kiosk locations across the country, as some inadequate Bitcoin ATM operators could be forced to adhere to a compliance and fraud prevention standard that they cannot achieve thus leading them to shut down.