In a surprising turn of events, the number of kiosks offering the option to purchase cryptocurrencies using cash or debit cards has been on a decline, despite Bitcoin’s record-breaking performance throughout 2023. Data from Coin ATM Radar reveals that the total count of crypto ATMs worldwide has decreased from 37,827 on January 1, 2023, to 33,628 on January 1, 2024, marking a significant decrease within a year.
Historically, the number of installed Bitcoin ATMs has shown an annual uptrend for a decade, with growth at the beginning of each year. Since Coin ATM Radar began tracking in October 2013, the figure reached an all-time high of 39,376 in August 2022, reflecting the growing popularity of cryptocurrency and the acceptance of crypto ATMs as a means of acquiring digital assets.
However, 2023 marked a departure from this norm, with the net total of Bitcoin ATMs experiencing a decline by the year’s end. The global count of installed crypto ATMs is approximately 11.1% lower than at the start of 2023. The United States, home to 82% of all crypto ATMs globally, experienced a substantial drop of 15.4% in its ATM count, falling from 32,672 to 27,631 throughout 2023.
Coin ATM Radar’s data suggests that BitAccess, a leading crypto ATM manufacturer, may have contributed to the decrease. The company’s net installations saw a significant decline of 26%, dropping from 9,160 in August 2022 to 6,774 on January 1, 2024.
Despite the downturn, 2023 had its share of unusual cases related to Bitcoin ATMs. A resident of Jefferson City, Missouri, received a five-year supervised probation sentence after admitting to shooting a Bitcoin ATM with a handgun. In another case, Lux Vending, operating under the name Bitcoin Depot, initiated legal action against the sheriff’s office of McLennan County, Texas, alleging the unlawful seizure of $15,000 from a Bitcoin ATM by authorities.
On a positive note, Bitcoin Depot went public on the Nasdaq on July 3 and expanded its operations to the 28th US state. The company also reported a revenue of $179.5 million in Q3 2023, indicating a 3% year-on-year increase. Despite a slowdown in the US, Bitcoin ATM figures steadily grew in Australia, Canada, Spain, and Poland. Additionally, two major manufacturers, General Bytes and Genesis Coin, continued to expand the count of Bitcoin ATMs throughout the year.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇦🇺 🇨🇦 🇪🇸 🇵🇱 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Matthew Klinger |
| Companies | Genesis Coin, Lux Vending, General Bytes, BitAccess, Bitcoin Depot, Coin ATM Radar |
| Currencies | Bitcoin |
| Securities | None |
