According to Sueddeutsche Zeitung, a German news site, bitcoin AMTs are on the rise in Germany.
In June, retailer Saturn set up bitcoin ATMs in Dortmund, Cologne and Frankfurt, three popular destinations in Germany. According to a spokesperson at Saturn, the new ATMs were received positively by customers.
Saturn is also exploring the viability of accepting bitcoin and crypto payments in its stores.
Rewe, a grocery store in Germany, added a bitcoin ATM to its Offenbach location and is advertising the fact that customers can’t just buy groceries with their money but even invest on-site.
According to Kurant, an European bitcoin ATM provider, the company is operating over 40 bitcoin ATMs in Germany. The exact number of bitcoin ATMs in Germany is unknown, but adoption seems to be on the rise despite the current bear market.
It’s estimated that the there are a total of around 100 bitcoin ATMs in Germany at the current time. In the United States, there are approximately 32,000, according to Bernd Richter of FIS.
The barrier of entry is low to purchase and set up a bitcoin ATM in Germany. Although bitcoin ATM operators have to comply with money laundering laws and regulations, Germans can buy bitcoin at Kurant’s bitcoin ATMs using their full name, address, phone number, date of birth and nationality.
Richter mentioned:
“The crash doesn’t matter. Many people believe that cryptocurrencies can protect themselves from inflation.”
He added that global bitcoin ATM sales and transactions are expected to grow by a factor of 10 in the next five years, with Germany’s piece of the pie growing in lockstep.
According to Richter, a large percentage of bitcoin purchased at bitcoin ATMs in Germany is the result of refugees or foreigners working in Germany that send money back to their relatives in the form of remittances, using bitcoin instead of companies like Western Union.
