Bitcoin ATMs have experienced a resurgence following a decline in the second half of 2023 and are now approaching an all-time high, with the installation of nearly 6,000 new ATMs in the last 11 months alone.
The primary driver behind this resurgence was Bitcoin’s surge earlier this year. Furthermore, with anticipated changes in governance in both the US and the UK, these figures could potentially climb even higher.
The proliferation of Bitcoin ATMs is remarkable. According to a leading industry data platform, there are now over 38,300 ATMs globally—an impressive increase from a mere 150 a decade ago. Given Bitcoin’s record-setting performance this year, the rise of ETFs, and favorable regulations, these numbers are projected to surge even higher in the near future.
According to Coin ATM Radar, there are currently 38,308 Bitcoin ATMs worldwide—a figure that has been on an upward trend since June of the previous year. The previous all-time high was recorded at 39,541 in December 2022, before experiencing a slight dip to just over 32,000 in June of the following year.
In terms of distribution, the US remains the clear leader, housing 31,833 ATMs, which is over ten times the number in second-placed Canada, which has just over 3,000 ATMs. Australia follows as a distant third with 1,109 ATMs. Notably, Australia is nearly catching up with the entire European region, which collectively hosts 1,591 ATMs.
Aside from the aforementioned leaders, Spain, Poland, and El Salvador are the only other countries with over 200 ATMs.
Unsurprisingly, Bitcoin dominates the market share of these ATMs, with Bitcoin Cash holding a distant second, just ahead of Ethereum. Other established cryptocurrencies such as Litecoin, Dash, Zcash, and Monero still maintain a small presence despite their gradual descent in the rankings, as they are overshadowed by newer and more dynamic projects like Solana and BNB.
The Future of Bitcoin ATMs
The increasing number of Bitcoin ATMs reflects a growing demand for more private and secure access points to cryptocurrency. While online platforms remain easily accessible and secure, there are individuals within the crypto space who still value the assured privacy offered by ATMs. These machines allow for cash payments and the direct delivery of cryptocurrency to the user’s wallet address.
However, they do carry inherent risks. The absence of Know Your Customer (KYC) requirements and their easy accessibility have made them prime targets for illicit activities. In several instances of ransom demands involving cryptocurrency, victims have been instructed to make payments through ATMs, making these machines an area of growing concern for regulators.
Despite these challenges, Bitcoin ATMs continue to proliferate. With Bitcoin’s value holding firmly above $60,000 and projected to surge into six figures imminently, this growth is expected to only expedite.
Moreover, these machines stand to benefit from regulatory clarity. The US, which leads in ATM adoption, is poised to weigh in on the choice between Joe Biden and Donald Trump in the upcoming election. The latter has pledged to champion the crypto sector if he regains the presidency he lost four years ago. Trump has even organized events for crypto enthusiasts and has received crypto donations. Should he secure victory, the crypto industry could interpret this as a triumph for the sector, potentially leading to expanded operations, including the establishment of more ATMs.
Furthermore, Bitcoin currently trades at $62,658, marking a 1.7% gain in the past day, resulting in a $1.234 trillion market cap, as the entire market rallied to a 1.56% gain.
Recommended content: Buy Bitcoin Guide, Bitcoin Wallet Tutorial, Check 24-hour Bitcoin Price, More Bitcoin News, What is Bitcoin?
Subscribe to our daily newsletter! No spam, no false claims—just valuable insights. You can unsubscribe at any time.
