As the fifth largest economy in Europe, behind Italy and the UK, Spain sometimes gets left out of the cryptocurrency conversation. After all, a place like Germany, with an economy three times the size of Spain’s, seems like the more likely place for Bitcoin to become part of mainstream trade. Spain beats out much of the world in terms of its appreciation of all things crypto, though.
For a start, the country has a combined 98 Bitcoin ATMs in just two cities – Barcelona and Madrid. This data, from Statista, also reveals that crypto-enabled ATMs are present in lots of places throughout the mainland and Spain’s many islands. Smaller cities and towns aren’t left out, either. Torrevieja in Alicante has one Bitcoin ATM, as does Vitoria-Gasteiz in the far north of the country.
Crypto ATMs
The reality is that many unexpected places have become holdouts of cryptocurrency in recent years. The nations with the greatest interest in token economics are Vietnam, the Philippines, and Nigeria, while the Central Bank of Ireland recently worked with the Winklevoss twins to install crypto firm Gemini in the country, as a hub for the trade of more than one hundred different currencies.
Ireland’s fondness for Bitcoin and co. is also replicated in some websites serving the country. In the gaming niche, The Clubhouse Casino is a new online casino that accepts Litecoin, Bitcoin, and Ethereum from players on the Emerald Isle. They can use their tokens to play games like slots, blackjack, and live game shows, among other things, and make both withdrawals and deposits in crypto.
Spain’s equally enthusiastic approach to Bitcoin means that it is now the third most connected country in terms of its crypto ATM network. The country’s total stands at 215 ATMs, according to CoinTelegraph, three more than fourth place El Salvador. Policymakers want to add a further 100 Bitcoin ATMs by the end of 2022, as part of a scheme that has boosted ATM numbers from about 60 units in 2020.
Economic Strife
Unfortunately, the use of cryptocurrencies is often a marker of economic strife, as is the case in places like Ukraine, Russia, and large areas of South America. Spain experienced a financial crisis between 2008 and 2014, and high inflation in the present day has analysts worried about a recession. Also, the country’s unemployment rate reached almost 27% in 2013. It’s now down to 12%.
Source: Pexels.
Another country that has struggled with its finances in recent times, Greece, is also high on the list of places with lots of Bitcoin ATMs, at sixth. In contrast, the United Kingdom doesn’t seem to have much of an interest in cryptocurrency, despite warnings of the worst-ever recession on the horizon. This may be due to the reassurance provided by the historical strength of the pound, however shaky it may be at the moment.
Regardless of what the reasoning is, Spain’s newfound commitment to Bitcoin ATMs means that it could begin to challenge the world’s crypto crown as soon as th
