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- Bitcoin ATMs have rebounded after a dip in H2 of 2023 and are now nearing an all-time high, with nearly 6,000 new ATMs installed in the past 11 months alone.
- Bitcoin’s surge earlier this year was the main catalyst for the rebound, and with a change in governance expected in the US and the UK, the numbers could rise even higher.
Bitcoin ATMs are booming. According to one industry data platform, there are now more than 38,300 ATMs globally, up from a mere 150 a decade ago. With Bitcoin hitting a new all-time high this year, the ETF boom, and positive regulations, the numbers are projected to surge even higher this year.
According to Coin ATM Radar, there are 38,308 Bitcoin ATMs globally, a number that has been on an uptrend since June last year. The all-time high stands at 39,541 in December 2022, before a slight dip to just over 32,000 in June last year.
The US remains the runaway leader with 31,833 ATMs, more than ten times those of second-placed Canada, which has just over 3,000 ATMs. Australia’s 1,109 ATMs are the third-highest. The land down under is almost catching up with the entire European region, which has 1,591 ATMS collectively.
Spain, Poland, and El Salvador are the only other countries with over 200 ATMs.
Unsurprisingly, Bitcoin dominates the ATMs. Bitcoin Cash is a distant second, just ahead of Ethereum. Other older coins like Litecoin, Dash, Zcash, and Monero have a small presence despite slipping down the charts and being eclipsed by newer and shinier projects like Solana and BNB.
The Future of Bitcoin ATMs
The growth in the number of Bitcoin ATMs speaks to the rising need for a more private and secure access point to crypto. While online platforms are easily accessible and safe, some in the crypto space still prefer the guaranteed privacy that comes with ATMs. These machines accept cash payments and deliver the crypto directly to one’s wallet address.
However, they come with their risks. This lack of KYC and easy access has made them prime targets for criminals. In several cases of ransom demands involving crypto, victims are directed to make crypto payments via ATMs, making these machines an area of increasing focus for regulators.
Despite the challenges, Bitcoin ATMs continue to grow. And with Bitcoin holding firmly above $60,000 and expected to surge to six figures soon, this growth will only accelerate.
Additionally, these machines will benefit from regulatory clarity. The US, which leads in ATM adoption, is set to take to the polls later this year to decide between Joe Biden and Donald Trump. The latter has promised to champion crypto if he reclaims the seat he lost four years ago. Trump has even organized events for the crypto faithful and has received crypto donations. If he wins, the crypto industry could take this as a victory for the sector and expand operations, including setting up more ATMs.
Meanwhile, BTC trades at $62,658, gaining 1.7% in the past day for a $1.234 trillion market cap as the entire market rallied to a 1.56% gain.
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