The inflation in Argentina is expected to rise by more than 40% by the end of the year, and it seems like the growing demand for Bitcoin is what is making the latest Bitcoin news in the country. According to new reports, there are many plans for new Bitcoin ATMs spread throughout the country and a lot of cryptocurrency ATM firms expected to implement this initiative and prepare the Argentinians for a digital currency-led revolution.
Right now, there are only two working Bitcoin ATMs in Argentina – and both of them are located in Buenos Aires, the country’s capital. However, as Reuters reported, by the end of the year this figure could rise to 30 mostly because of the staggering rates of inflation.
According to the general operations manager of Athena Bitcoin which is the firm that launched Argentina’s first cryptocurrency ATM (last month), Dante Galeazzi, the loss in value of the Argentinian peso marks the growth of cryptocurrency transactions. As Galeazzi told Reuters:
“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [Argentinian Peso’s] value, as well as an opportunity to invest in the market.”
Right now, the two ATMs that have already been installed by his company only support Bitcoin – but there are plans for their features to expand and include other altcoins such as Ethereum, Litecoin and Bitcoin Cash – in the near future.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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