Bitcoin ATMs have emerged as a safe and easy way for Bitcoin users to convert their digital currencies into cash. In many parts of the world, Bitcoin ATMs have become increasingly popular. According to some estimates, the number of Bitcoin ATMs in the United States now stands at over 26000. However, not all countries have shown the same level of interest in Bitcoin, neither have the adoption rates been the same. In Peru, for example, the recent installation of its first and only Bitcoin ATM marks an important moment for the global crypto community. It is indicative of the fact that cryptocurrencies are now well beyond their first-world bubble. Southern American and Asian countries, in particular, have shown immense interest in Bitcoin and other cryptocurrencies. Brazil and the Philippines are two times examples from two corners of the world.
Before the Bitcoin ATM installation in Peru, the whole continent of South America only had 79 Bitcoin ATMs. However, what is more, important than the numbers is the message this movie sends across to the citizens. By allowing the Bitcoin ATM to be set up in Punta del Este – one of the major tourist attractions in the country – Peru is publicly encouraging Bitcoin adoption. Given the inflationary situation in many South American countries, it comes across as no surprise. While Peru has only one Bitcoin ATM as of now, the number should increase, given the penetration of cryptocurrencies into the subcontinent and beyond. We can expect to see many more Bitcoin ATMs in many parts of South America over the coming few years.