Bitcoin’s popularity keeps growing by the day.
Even in the face of regulatory speed bumps and PR fiascos, the number of merchants accepting bitcoin, the number of bitcoin wallets and the amount of venture capital invested in the industry all continue to rise.
As the public’s interest in the digital currency grows, bitcoin ATMs have proven to be critical for bridging the gap between casual onlookers and active bitcoin owners.
Bitcoin ATMs offer users the ability to instantly purchase the digital currency, which, for many first-time buyers especially, adds a touch of familiarity to an otherwise foreign experience.
While bitcoin ATMs are popping up almost everywhere around the world, it’s safe to assume the powers of supply and demand help dictate where the machines are most concentrated.
Data analysis
To identify the areas where bitcoin ATMs are particularly popular, we analyzed data from CoinDesk’s new bitcoin ATM map and calculated the US states with the most machines per capita.
Of course the term ‘popular’ is subjective by nature and there are countless ways to measure it, but for the purpose of this report, popularity is defined by the number of bitcoin ATMs per capita in each US state.
Our data include a total of 51 bitcoin ATMs distributed across 20 states. Not surprisingly, the two most populous states – California and Texas – are home to nine machines each, accounting for 35% of all the country’s bitcoin ATMs on record.
When adjusting for states’ population, neither California nor Texas make the cut for the top five most popular states for bitcoin. Other states with multiple bitcoin ATMs that missed the top five include Missouri, ranked 7th with three ATMs; Michigan, ranked 14th with two ATMs; and New York, ranked 16th with three ATMs.
Here are the top five most popular states for bitcoin, ranked by the number of bitcoin ATMs per capita:
1. New Mexico
One bitcoin ATM for every 695,000 people
The southwestern state has three machines in our file and is the home of the US’s very first bitcoin ATM in Albuquerque.
2. North Dakota
One bitcoin ATM for every 723,000 people
North Dakota’s spot at number two on the list may seem unlikely, but having just one ATM had a big impact, as the state is one of the least populous in the nation.
3. Nevada
One bitcoin ATM for every 930,000 people
Casinos in Las Vegas have proven to be a popular place for bitcoin ATMs, and if some predictions about bitcoin’s potential for the gambling industry come true, we can expect to see many more here.
4. Hawaii
One bitcoin ATM for every 1.40 million people
Tourists and residents of the picturesque island state have options if they need to buy some bitcoin: Hawaiin Island Stamp and Coin just launched the state’s first ATM in its store in Honolulu.
5. Massachusetts
One bitcoin ATM for every 1.67 million people
Known for its many prestigious universities and generally progressive residents, it’s not surprising that Massachusetts made the top five of all states – there’s even a bitcoin ATM on MIT’s campus.
As of now, the sample size of bitcoin ATMs in the US is quite small. As demand for the digital currency increases and more business owners invest in new machines, hopefully bitcoin ATMs become more ubiquitous in the States and abroad.
Do you own a bitcoin ATM that you don’t think is included in CoinDesk’s records? Contact us at atm@coindesk.com
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