Representatives from Athena Bitcoin and Odyssey Group have revealed that over 30 Bitcoin ATMs would be installed in Argentina by the end of 2018, this number is scheduled to rise to over 150 in early 2019 and to about 1,500 machines before next year ends.
With this move, one might be right to point out that development comes in a period when there is an economic crisis with the nose-diving of national fiat currency experienced by the South American nation.
Argentina; a Greener Pasture for Bitcoin ATM Experts
Athena Bitcoin, which is a United States based company with the reputation in development and operation of cryptocurrency ATMs, has earned the mark of launching Argentina’s Crypto ATM in Buenos Aires about a month ago.
Odyssey Group which is yet another United States-based startup has revealed information about the 150 ATMs it aims to install in Argentina by the end of next year and about 80% of those will be operational within Q1 of 2019. No doubt, this is the company’s first attempt into the Latin America market as it plans to further expand in the near future.
While Athena Bitcoin has a pedigree of successful operation of 12 ATMs in Colombia and also in Mexico, this is Odyssey Group’s first shot. The Former has an expansion plan of enhancing its services, not only in Mexico but also in Chile and Brazil. A company’s correspondent said that the automated teller machines would be subjected to a modification in future in order to accept other tokens like Litecoin, Ethereum and Bitcoin Cash as it only allows Bitcoin transaction presently
A Suitable Bitcoin ATM Location
Judging by the realities surrounding the awareness of bitcoin in Argentina, it becomes unquestionable the reason for the adoption of Bitcoin ATMs in the Country. The pseudo-hyperinflation has made the country’s fiat currency to drop to as low as 50% in value against the dollar this year, with predictions that it might rise up to 40% before the year runs out has explained that reason behind this adoption.
It was reported in September 2018 that the director of research at New York-based investment advisory group, Pension Partners, Charlie Bilello, published his recent findings about the return of virtual currencies which shows that indeed 2018 has been a year for Bitcoin including the fact that it has outperformed the Argentina Peso, the Venezuelan Bolivar as well as the Sudanese pound.
This seems to be a “sweet-sour” situation as Athena Bitcoin noted that the inflation and economic crisis is an opportunity for the virtual currency sector to boom while proffering solution to the inflation experienced in the country. The company’s Argentina operations manager, Dante Galeazzi stated that:
“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.”