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Bitcoin ATMs Thriving in Detroit

“Although Detroit crypto-ATMs help the underbanked within the region, but the technology is new, we need time to collect data”

Detroit is a well known industrial city of Michigan, the region has been dealing with a tumultuous economy for years. However, this hasn’t stopped a large influx of bitcoin ATMs from being installed in the city. According to the statistics, Detroit now has over 29 machines.

According to regional newspaper Detroit News, most of these devices are resided in areas with a shortage of banks and low-income housing areas like Inkster, Highland Park, Taylor, Hamtramck, and Pontiac. There are 15 more crypto-ATMs on the suburbs of Metro Detroit as well.

Cryptocurrency boosters in the area believe the Detroit crypto-ATMs help the underbanked within the region. Although, some law-enforcement officials believe some of the action may be helping facilitate illegal activities and money laundering.

Yaya Fanusie explains that “It’s a guess because the technology is new — We need time to collect data.”

Fanusie doesn’t think that money laundering is a big issue for crypto-ATM owners in Detroit. He emphasizes, “That kind of money would essentially be noticed by federal regulators — But if you want to use them to pay a local drug dealer, say $50 to $100, then maybe it’s OK, effective.”

As a matter of fact, Michigan and the Detroit region is home to quite a few bitcoiners. Besides the bitcoin ATMs, there are large Meetup groups as well. The ‘Detroit Blockchainers’ Meetup has 488 members, and the group holds a weekly meeting in Metro Detroit where attendees can trade cryptocurrencies with other people in person.

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