Declining Number of Bitcoin ATMs Raises Concerns
The number of Bitcoin ATMs has been steadily decreasing since reaching an all-time high in December 2022, according to AltIndex.com. In January, more than 1,500 ATMs supporting digital coins were removed, marking the beginning of a negative trend. The decline continued in March, with nearly 3,600 Bitcoin ATMs being taken out of service. The situation worsened in July when over 4,000 ATMs were removed, making it the highest number of removals in the market’s history.
Despite approximately 500 new Bitcoin ATMs being added to the market since then, the total number remains around 32,500, which is the same figure as in December 2021. Although the US has the highest number of crypto ATMs, most of the removed machines this year were from the US market. Currently, US citizens can access over 26,700 crypto ATMs, down from 34,200 in December 2022. In comparison, Europe has around 1,500 Bitcoin ATMs while Asia has less than 350.
Market Share by Manufacturers
When analyzed by manufacturers, General Bytes emerges as the leading producer of Bitcoin ATMs globally with a market share of 32.6% in October. Genesis Coin follows closely behind with a market share of 22%. BitAccess and Bitstop hold market shares of 21.3% and 8.3% respectively.
Hot Take: Concerns Mount as Number of Bitcoin ATMs Continues to Decline
The declining number of Bitcoin ATMs raises concerns about the accessibility and adoption of cryptocurrencies. While the US still has a significant lead in terms of crypto ATM availability compared to other regions, it has also experienced a significant reduction in the number of machines. This decline could hinder the convenience of buying and selling Bitcoin for users, especially in areas where crypto ATMs are scarce. It remains to be seen whether this trend will continue or if new innovations will emerge to address the challenges faced by the Bitcoin ATM market.
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