Bitcoin ATM Installations Witness Biggest Drop
Crypto ATMs, which facilitate cash exchange for cryptocurrency, have seen a significant decline since their launch in 2013. The number of Bitcoin ATMs worldwide dropped from 7,000 in 2013 to 32,500 in October 2023, marking the largest drop in crypto history. Crypto ATMs function similarly to traditional ATMs, requiring a cryptocurrency wallet, offering buy/sell options, and accepting payments via cash, credit/debit cards, or electronic transfers.
Despite Bitcoin levels breaching the $35,000 mark in 2023 and optimism surrounding spot Bitcoin ETF approval, uncertainties around regulations and crypto scams led to a drop in ATM installations. In December 2022, Bitcoin ATMs peaked at 39,100, but since then, they have consistently dropped.
More than 1,500 ATMs were removed in January 2023, and July saw the worst recorded month with over 4,000 ATMs removed. The global crypto ATM market is estimated to reach $581.01 million by 2028, marking a CAGR of 51.16%.
The U.S. has the highest number of Bitcoin ATMs, 18 times higher than Europe (1,500). Asia has the lowest number, with less than 350. General Bytes is the largest Bitcoin ATM manufacturer, with a 32.6% market share in October 2023. Genesis Coin is the second-largest, followed by BitAccess and Bitstop. Other manufacturers include Rockitcoin, Coinhub, and Athena Bitcoin.
(With inputs from Shikha Singh)
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