Accounting giant Deloitte launches Bitcoin ATM for the first time. What signal does this send?

Following a low-key unveiling at Deloitte’s Rubix blockchain office in downtown Toronto, the bitcoin trading machine is now officially operational and can currently exchange digital currencies for Canadian dollars.

Rubix Blockchain Office is the blockchain technology department of Deloitte, which focuses on providing corporate blockchain application services to global clients. Therefore, Deloitte has become the owner and operator of the first Bitcoin ATM.

Deloitte’s move to install Bitcoin ATMs is seen as a way for Rubix’s founders to urge employees to learn about blockchain. Deloitte’s Rubix strategy leader, Iliana Oris Valiente, said:

We believe that this is an important milestone for our company, which means that we have taken the first step in better using blockchain and allowing our employees to be exposed to and experience the application of blockchain firsthand.

The ATM, made by Ottawa, Canada-based Bitaccess, can accept up to $1 trillion worth of payments in multiple currencies.

Bitcoin’s Second Spring

The concept of Bitcoin ATM was proposed in 2014, but it has not been truly implemented for various reasons. According to data from CoinATMRadar.com, there are currently only about 775 machines in operation worldwide.

Therefore, the powerful combination of Deloitte, one of the F4 accounting firms, and Bitaccess is seen as the second spring of Bitcoin ATM, and it will be revitalized as an educational tool and resource.

Bitaccess co-founder Moe Adham said in a statement:

“This further advances our mission to commercialize blockchain technology.”

What signal was released?

1. Bitcoin market is optimistic

Data from OKCoin China shows that due to the positive news of G20 and the US election, the price of Bitcoin broke the 4000 sideways deadlock and broke through the 4100 mark. In recent days, due to the short-term fluctuations in the market, it still maintains the 4100 level. From the data and news, it is still in the stage of offsetting the price difference before the big drop, but it is more optimistic in the short term.

2. Bitcoin is moving closer to “legal currency”

With the popularity of Bitcoin, the call for Bitcoin to be used as "legal tender" is getting louder and louder. At the same time, the views of countries around the world on Bitcoin are gradually improving. Countries that originally did not support Bitcoin, such as Russia and China, are gradually accepting Bitcoin, while countries such as Japan and Germany fully support Bitcoin. In the context of a slightly turbulent international financial situation, Bitcoin is being accepted by more and more people as the most suitable refuge currency. The operation of the Deloitte Bitcoin ATM has directly opened up the circulation of Bitcoin and "legal tender", reflecting the value of Bitcoin.

3. Increased recognition of blockchain technology

As the underlying technology of Bitcoin, blockchain technology is being recognized by more and more governments and institutions. Institutions and startups in various countries have also set up blockchain research labs to study practical applications. As mentioned above, the main purpose of Deloitte installing Bitcoin ATMs is to urge employees to learn blockchain knowledge in order to keep up with the trend.

4. Bitcoin’s payment function is about to shine

According to recent information, Bitcoin is being accepted by major mainstream platforms as a payment currency. Once Bitcoin's "currency" attribute is fully reflected, it will surely enter the payment field with Fintech and exert its own stable value characteristics to strengthen the digital currency payment field.