Number of Bitcoin ATMs Declines for the First Time in 10 Years
In a surprising turn of events, the number of installed Bitcoin ATMs worldwide has fallen in 2023. According to data from Coin ATM Radar, there was an 11% drop in the number of Bitcoin ATMs, from 37,827 to 33,622.
Even in the US, which has the highest number of Bitcoin ATMs globally, there was a decrease from 32,672 to 27,621 over the course of the year. This decline marks the first time that the number of Bitcoin ATMs in the US has dropped from one year to the next.
Positive Trend Outside the US
While the US and global numbers experienced a decline, several regions saw a positive trend. In the European Union (EU), there was an increase from 1,538 machines to 1,548 at the beginning of 2024.
Countries like Canada, Australia, Spain, and Poland also saw an increase in the number of Bitcoin ATMs. However, Switzerland experienced a notable decrease in installations.
Other regions such as Argentina and El Salvador have witnessed increased adoption of Bitcoin with Lightning Network-enabled Bitcoin ATMs.
Largest Operator and Manufacturer of Bitcoin ATMs
The largest operator of Bitcoin ATMs is currently Bitcoin Depot based in Atlanta, with 6,311 machines. CoinFlip is the second-largest operator with control over 3,880 ATMs.
In terms of machine manufacturers, General Bytes leads with 10,844 machines and a market share of 32.3%. Genesis Coin follows with 7,683 machines and a market share of 22.9%.
Hot Take: The Decline in Bitcoin ATMs Raises Questions about Adoption
The recent decline in the number of Bitcoin ATMs worldwide has raised concerns about the adoption and usage of cryptocurrencies. While some regions have seen positive growth, the overall decrease indicates a potential shift in the market.
Factors such as regulatory challenges, market saturation, and changing consumer preferences could be contributing to this decline. It remains to be seen whether this trend will continue or if new developments will revive the demand for Bitcoin ATMs.
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