Bitcoin ATMs are experiencing a strong resurgence, bouncing back from a decline in the second half of 2023 and approaching an all-time high. In the past 11 months alone, nearly 6,000 new ATMs have been installed, signaling a thriving market. The primary catalyst behind this rebound was Bitcoin’s surge earlier this year. Furthermore, with anticipated changes in governance in the US and the UK, the number of Bitcoin ATMs could rise even further.
The growth of Bitcoin ATMs has been remarkable. A decade ago, there were only 150 ATMs globally. Today, that number has skyrocketed to over 38,300. This surge can be attributed to Bitcoin’s recent all-time high, the boom in ETFs, and positive regulatory developments. Experts predict that this trend will continue to gain momentum throughout the year.
According to Coin ATM Radar, there are currently 38,308 Bitcoin ATMs worldwide, with the number steadily increasing since June of last year. The previous all-time high was recorded in December 2022, with 39,541 ATMs. Although there was a slight dip to just over 32,000 in June of last year, the numbers have been on a steady rise since then.
The United States leads the pack with an impressive 31,833 ATMs, surpassing second-placed Canada by more than ten times. Canada has just over 3,000 ATMs. Australia follows closely behind with 1,109 ATMs, placing it in third position. Interestingly, Australia is closing in on the entire European region, which collectively has 1,591 ATMs. Spain, Poland, and El Salvador are the only other countries with over 200 ATMs.
Not surprisingly, Bitcoin dominates the ATMs, followed by Bitcoin Cash and Ethereum. Older cryptocurrencies like Litecoin, Dash, Zcash, and Monero have a smaller presence, having been overshadowed by newer projects like Solana and BNB.
The growing number of Bitcoin ATMs reflects the increasing demand for a private and secure access point to cryptocurrencies. While online platforms are convenient and secure, some individuals in the crypto space prefer the guaranteed privacy offered by ATMs. These machines allow users to make cash payments and receive crypto directly into their wallet addresses. However, the lack of Know Your Customer (KYC) requirements and easy access have made Bitcoin ATMs attractive targets for criminals. Regulators are now focusing on this area to address these concerns.
Despite the challenges, the growth of Bitcoin ATMs continues unabated. With Bitcoin’s price remaining above $60,000 and anticipated to reach six figures soon, this growth is set to accelerate further. Additionally, regulatory clarity will provide a boost to these machines. The US, which leads in ATM adoption, will hold elections later this year, with Joe Biden and Donald Trump vying for the presidency. Trump, in particular, has demonstrated his support for the crypto industry and has even organized events for crypto enthusiasts. If he were to win, it could be seen as a victory for the sector, leading to expanded operations and an increase in the number of ATMs.
Currently, Bitcoin is trading at $62,658, marking a 1.7% gain in the past day and giving it a market cap of $1.234 trillion. The entire market has seen a 1.56% gain, indicating a positive trend.
For those interested in Bitcoin, it is recommended to refer to a buy Bitcoin guide, a Bitcoin wallet tutorial, and to check the 24-hour Bitcoin price. Additionally, more Bitcoin news can be found for those seeking further information about the cryptocurrency.
