Jeff Berwick, founder of StockHouse.com and CEO of TDV Media, announced in a press release Monday that he will establish the world’s very first Bitcoin ATM in Cyprus. The purpose of opening the Bitcoin machine is due to the financial collapse, bailouts of financial institutions, capital controls and bank closures.
The automated Bitcoin dispenser will be bi-directional; bitcoin for cash and cash for bitcoin. It may prove to be a success because it has been rather popular in southern Europe, especially in countries that are on the brink of collapse, like Spain.
“I’ve even recently relayed to TDV subscribers that I see bitcoin-related businesses as being the next multi-billion dollar (or multi-million bitcoin) businesses and will be relaying many of my business ideas to them over the coming weeks,” stated Berwick in a blog post at Dollar Vigilante. “And, to top it off, we have already started some game-changing bitcoin businesses that I think will shock the world. I’ll be announcing one of them, related to the crisis in Cyprus, on Monday here at the TDV blog.”
The company is now seeking investments and licensees for their Bitcoin ATM technology and to bring it to a market near you. As more nations suffer severe economic depressions, bitcoins may be just as much a safe haven as precious metals.
The value of bitcoins has risen from a few dollars several years ago to as high as $70 in the present day.
Bitcoins have become rather ubiquitous. In the province of Alberta, Taylor More became the first person to sell a house for bitcoins. The two-bedroom bungalow located in Crowsnet Pass is selling for 405,000 bitcoins.
Virtual currencies are beginning to be under scrutiny by the United States government. It was recently reported that Bitcoin, although not mentioned by name directly, will have to register as a money services business and abide by existing regulations since it is a decentralized virtual currency, according to the Financial Crimes Enforcement Network (FinCEN).