As digital assets roar back into the mainstream after an extended period of price declines, experts are warning about the risks of financial predation baked into of the industry’s most analog expressions: machines that convert cash to Bitcoin.
Bitcoin teller machines, or BTMs, are physical kiosks that offer customers access to crypto conversions and are commonly located at gas stations, liquor or convenience stores and other places you might find a traditional automated teller machine for credit and debit cards.
The BTM industry surged during the pandemic: The number of installed units increased more than five-fold over four years to about 31,100 units nationwide, according to Coin ATM Radar. But a closer look into the BTM boom revealed that the machines are often disproportionately located in areas with a majority of Black and Latino residents, charging fees as high as 22% per transaction.
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