Bitcoin ATMs have experienced a resurgence following a decline in the second half of 2023 and are now approaching an all-time high. Over the past 11 months, nearly 6,000 new ATMs have been installed, contributing to this upward trend. The main driver behind this rebound was Bitcoin’s surge earlier this year, and with anticipated changes in governance in the US and the UK, these numbers could climb even higher.
The Bitcoin ATM industry is flourishing, with global numbers surpassing 38,300 ATMs, a significant increase from a mere 150 a decade ago. Factors such as Bitcoin reaching new all-time highs this year, the rise of ETFs, and positive regulatory developments are expected to further propel these numbers to new heights.
According to Coin ATM Radar, there are currently 38,308 Bitcoin ATMs worldwide, and this figure has been steadily increasing since June of last year. The previous all-time high was recorded in December 2022 at 39,541, before experiencing a slight dip to just over 32,000 in June of last year.
The United States leads the pack with 31,833 ATMs, more than ten times the number in second-place Canada, which has just over 3,000 ATMs. Australia holds the third spot with 1,109 ATMs, almost catching up to the entire European region’s total of 1,591 ATMs. Spain, Poland, and El Salvador are the only other countries with over 200 ATMs.
Unsurprisingly, Bitcoin is the dominant cryptocurrency in these ATMs, followed by Bitcoin Cash, with Ethereum coming in third. Older coins like Litecoin, Dash, Zcash, and Monero have a smaller presence and have been overshadowed by newer projects like Solana and BNB.
The increasing number of Bitcoin ATMs reflects the growing demand for a more private and secure way to access cryptocurrencies. While online platforms are convenient and secure, some individuals in the crypto community still prefer the guaranteed privacy offered by ATMs. These machines enable cash payments and deliver cryptocurrencies directly to users’ wallet addresses.
However, Bitcoin ATMs also come with their risks. The lack of KYC (Know Your Customer) requirements and easy accessibility have made them attractive targets for criminals. In cases involving crypto ransom demands, victims are often directed to make payments via ATMs, making these machines a focus for regulators.
Despite these challenges, Bitcoin ATMs continue to proliferate. With Bitcoin maintaining a strong position above $60,000 and anticipated to surge to six figures soon, this growth is expected to accelerate further.
Furthermore, regulatory clarity will benefit these machines. The US, leading in ATM adoption, will hold elections later this year, with Joe Biden and Donald Trump as the main contenders. Trump, who has shown support for cryptocurrencies and organized events for crypto enthusiasts, could potentially expand the sector, including the installation of more ATMs, if he were to win the election.
Currently, BTC is trading at $62,658, with a 1.7% gain in the past day, resulting in a market cap of $1.234 trillion. The entire market has experienced a 1.56% increase.
Recommended articles:
– Buy Bitcoin Guide
– Bitcoin Wallet Tutorial
– Check 24-hour Bitcoin Price
– More Bitcoin News
Subscribe to our daily newsletter for insightful content! No spam, no deception, only valuable insights. You can unsubscribe at any time.
