It’s an Unclear Market for Baton Rouge’s First Bitcoin ATM
Louisiana’s capital, Baton Rouge, has received its first bitcoin ATM, joining the ranks alongside New Orleans, which received its first bitcoin ATM last June from Coinsource.
According to the Greater Baton Rouge Business Report, the one-directional transaction machine was installed by Will Haynie, a New Orleans day trader who operates bitcoin ATMs with his brother. They installed a Genesis Coin ATM at American Market, located at 5251 Nicholson Dr., where users can purchase bitcoin for cash, but not receive cash for their bitcoin.
Haynie is reportedly planning on installing a second machine in either Shreveport or Baton Rouge in the future.
According to the day trader, the currency has been targeted toward the younger generation, noting that the Baton Rouge bitcoin ATM has been fixed near the Louisiana State University campus.
Yet, while Baton Rouge has received its first bitcoin ATM it remains unclear as to how much of a market exists for the digital currency within the capital.
It remains to be seen how successful the machine will be in Baton Rouge despite Haynie claiming that his ATMs have provided solid traffic so far.
America’s Largest Operator
In August, Coinsource became America’s biggest bitcoin ATM operator. At the time, it had brought its number of installed machines to a total of 42 across seven states.
Now, that number extends to over 80 machines across nine states, according to Coinsource.
With a steady increase in the number of ATMs across America it illustrates how much of a market is out there for the currency’s use.
The nine states where Coinsource bitcoin ATMs can be found include: California, Louisiana, Missouri, Nevada, New Jersey, New York, Pennsylvania, Texas, and Tennessee. The state with the most machines are found in New York, which currently accounts for 22.
As growing customer demand continues, Coinsource have stated that they will continue rolling out new terminals to meet its customers’ needs.
Coinsource, however, is not the only bitcoin ATM provider. According to CoinATMRadar, there are now 1,012 bitcoin ATMs installed around the world so far in 2017.
Bitcoin’s Price Increase
At the moment, the price of one bitcoin costs $1,090, according to Coin Market Cap.
With bitcoin’s price steadily increasing one can assume that more people on the side lines will be keen to invest in the currency.
And while the U.S. certainly dominates the bitcoin ATM market with 73.02 percent, the price of bitcoin and the popularity it is gaining around the world shows that the currency and the market it’s aimed at is now going away anytime soon.
Featured image from Shutterstock.
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