Bitcoin ATMs dropped for the first time in a decade
The number of Bitcoin and cryptocurrency ATMs globally has fallen for the first time in ten years as noted from a 15% decline in the US.
According to Coin ATM Radar, the number of Crypto ATMs fell 11.1% to 33,628 last year, from 37,827 12 months before that.
Coin ATM Radar reported that the number of Bitcoin ATMs hit a record high of 39,376 ATMs in August 2022, but it began to decline last year.
Net installations dropped by 27%
BitAccess, a major Bitcoin ATM installer, saw net installations drop to 6,774 from 9,160 in August 2022.
US Leads With A 15% Drop
The domestic market for Crypto ATMs in the US plunged 15.4% during the year to a count of 27,631, accounting for 82% of the global count.
Interestingly, some countries including Australia, Canada, Spain, and Poland all recorded a gradual increase in the number of such ATMs. Business is also growing for operators like General Bytes and Genesis Coin.
Bitcoin Depot Listed on NASDAQ
Crypto ATM operator Bitcoin Depot was listed on NASDAQ in July and reported a 3% year-over-year increase in revenue to $179.5 million in its Q3 2023 earnings report.
Hot Take
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
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