Bitcoin Adoption Soars: In-Person Vendors Accepting Bitcoin Triple in 2023
The use of cryptocurrency is rapidly changing, with over 6,000 in-person vendors worldwide now accepting Bitcoin. According to BTC Map, there are currently 6,332 merchants accepting Bitcoin as of Jan. 8, a significant increase from the 2,000 level in January 2023.
The statistics show that there are 5,535 businesses accepting on-chain transactions, 5,107 merchants accepting Lightning payments, and 1,050 vendors supporting contactless payments.
Bitcoin ATMs Witness First Global Decline in a Decade
While the number of in-person vendors accepting Bitcoin is rising, there has been a decrease in the number of crypto ATMs globally. Coin ATM Radar reports that the total count dropped by 11% from 37,827 at the start of 2023 to 33,622 at the beginning of 2024.
This decline was particularly evident in the United States, which saw its number of crypto ATMs fall from 32,672 to 27,621. However, certain regions such as the European Union and countries like Canada, Australia, Spain, and Poland experienced an increase in crypto ATM installations.
Spot ETFs Awaiting SEC’s Final Decision
In addition to the growing number of physical stores and ATMs accepting Bitcoin, the pending decision of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) further demonstrates the traditional finance industry’s acceptance of crypto. The SEC is expected to rule on several applications for spot Bitcoin ETFs by Jan. 10.
If approved, these ETFs could potentially start trading as early as Jan. 11, setting a precedent for how digital assets are perceived and traded within the finance industry.
Hot Take: The Future of Bitcoin Adoption
The surge in in-person vendors accepting Bitcoin showcases the growing popularity and acceptance of cryptocurrencies in everyday transactions. As more businesses embrace digital currencies, the landscape of financial transactions continues to evolve.
Although there has been a decline in the number of crypto ATMs globally, this may not necessarily indicate a decrease in overall cryptocurrency usage. It could be a reflection of changing preferences or new methods of accessing and using digital assets.
The pending decision on spot Bitcoin ETFs by the SEC also highlights the increasing integration of cryptocurrencies into traditional finance systems. If approved, it could open doors for more investors to participate in the crypto market.
Overall, these developments indicate that Bitcoin adoption is on an upward trajectory, with more opportunities for individuals and businesses to engage with digital currencies.
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