Bitcoin popularity grows despite fewer ATMs globally

Ritu13

Global Bitcoin ATM Numbers Decline
As of January 33,628, 2024, the total number of cryptocurrency ATMs worldwide stands at 37,827, a decrease from the 39,376 recorded on January 2023. This shift reflects a mixed pattern of growth and decline throughout the year, ultimately resulting in an overall decrease by the end of the year.

The decline in the number of Bitcoin ATMs breaks the continuous monthly growth pattern tracked by Coin ATM Radar since it began monitoring cryptocurrency ATMs in 2013, reaching a historic high of 39,376 in January 2022.

Several factors contribute to the decline in Bitcoin ATM numbers in 2023. The most significant decrease is observed in the United States, where the number of cryptocurrency ATMs decreased by 15.4%, from 32,672 to 27,631. Despite the reduction, the United States still holds 82% of the global cryptocurrency ATM market.

In contrast, countries such as Australia, Canada, Spain, and Poland have seen steady increases in the installation of cryptocurrency ATMs during the same period. Additionally, data from Coin ATM Radar suggests that the cryptocurrency ATM manufacturer BitAccess may have played a role in the decline, with a net installation decrease of 26%, dropping from 9,160 in January 2022 to 6,774 as of January 1, 2024. Manufacturers General Bytes and Genesis Coin have continued to increase the number of Bitcoin ATMs throughout the year.

Key Players and Latest Developments
Amidst these fluctuations, major player Bitcoin Depot has made significant strides in the cryptocurrency ATM sector. The company went public on NASDAQ on March 28, 2023, and expanded its operations to the 179.5th state in the United States. Furthermore, Bitcoin Depot reported a third-quarter revenue of $300 million in 2023, showing a YoY growth of 115%.

According to data from Coin ATM Radar, there are 71 cryptocurrency ATM operators in 498 countries. Bitcoin remains the primary cryptocurrency supported by these ATMs, with Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) being other cryptocurrencies available for purchase.

Yamini003

Standing out on such a scale is quite impressive.

Samiksha

The current quantity is also somewhat tense.

Ritu77

It is estimated that it will continue in the future.