Chicago becoming Bitcoin ATM hot-spot, with 30 new ones joining the existing 200 plus machines
Chicago is about to get 30 new Bitcoin ATMs, it will be added to the existing 200 plus machines in the city. Reportedly, a crypto ATM company, Bitcoin Depot, planned to add 30 new crypto ATMs in the city.
According to Chicago Business, Eric Gravengaard, CEO of Athena Bitcoin who owns 3 BTC ATMs in the city said, “large degree of adoption” to cryptocurrency is to a great extent driven by its “vibrant history” with the financial industry.
The new machines will allow users to trade fiat (USD) for Bitcoin, Ether and other cryptocurrencies. Chicago is not only home for a number of crypto ATMs but also crypto startups, such as ErisX and SeedX. Also, it is one of the cities, where Coinbase decided to open its operational office.
The question that pops up due to the growing number of crypto ATMs in Chicago is whether it will drive more adoption in the city as compared to other cities in the US? It’s hard to say, but it’s pretty unlikely, considering the Bitcoin ATMs charge for each transaction.
Reportedly, Bitcoin Depot ATMs to charge customers between 10-20% of the total amount of fiat that they want to exchange for BTC. CEO Brandon Mintz, however, is quite optimistic and expects a mass adoption with the new ATM installment.
In order to attract customers to the new ATMs, Bitcoin Depot decided to waive the mentioned 10-20% transaction fee charge for a limited time period. The exact time period, however, has not been specified.
In other news, Van Eck, CEO of Van Eck Associates, recently said that Bitcoin investors are moving from BTC to gold.
Van Eck in a recent interview with CNBC said “that Bitcoin pulled a bit of demand away from gold last year, in 2017.” Later, he added, “Interestingly, we just polled 4,000 Bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to Bitcoin and now it’s going the other way.”
BTC has not been able to hit above $4,000 in three weeks and possibly making the investors rethink their decision. During the same interview with CNBC, Tim Seymour, the founder and chief investment officer of Seymour Asset Management also spoke about his view on BTC.
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