Global Bitcoin ATM Growth Stalls in 2023

Unexpected Downturn in Installations

In a startling shift from its decade-long pattern of growth, the number of Bitcoin Automated Teller Machines (ATMs) globally has seen an 11.1% reduction in the year leading up to January 1, 2024. This information comes from Coin ATM Radar, a trusted entity for monitoring the spread of cryptocurrency ATMs worldwide.

As of January 1, 2024, the total count of cryptocurrency ATMs stands at 33,628. This figure marks a decline from the 37,827 machines operational as of January 1, 2023. Such a downturn interrupts a history of consistent monthly increases since October 2013, with the peak being 39,376 ATMs in August 2022.

The United States, previously a stronghold for crypto ATM growth, witnessed a substantial 15.4% drop in its numbers, going from 32,672 to 27,631 machines. Despite this, it still houses 82% of the world’s crypto ATMs. In stark contrast, countries like Australia, Canada, Spain, and Poland have seen their numbers of crypto ATM installations grow during the same timeframe.

BitAccess, a significant crypto ATM manufacturer, reported a 26% decrease in its installations, from 9,160 in August 2022 to 6,774 by January 2024. However, manufacturers General Bytes and Genesis Coin saw increases in their installations.

Bitcoin Depot, a leading company in the crypto ATM industry, became a publicly listed entity on Nasdaq on July 3, 2023. It expanded its reach to a 28th state in the U.S. and reported a third-quarter revenue of $179.5 million in 2023, a 3% increase from the previous year.

The total number of crypto ATM operators is 498, spread across 71 countries. Bitcoin is the most widely supported cryptocurrency in these ATMs, followed by Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).

The Crypto ATM Landscape: A Mixed Bag of Growth and Decline

As of now, the world of cryptocurrency ATMs is witnessing a mixed pattern of growth and decline. While some countries continue to embrace this technology, leading nations like the United States are seeing a noteworthy reduction. This trend suggests a complex and shifting landscape in the realm of digital currencies.

Despite this decline, the cryptocurrency ATM market continues to evolve, reflecting the dynamic nature of the digital currency landscape, albeit with some challenges.