Bitcoin ATM Rises after Months of Downtrending
In May, the global Bitcoin ATM market witnessed a tremendous surge in installations, marking a remarkable turnaround after a year-long decline in crypto ATMs. The trend reversal brings hope to the industry, which has experienced a sustained decline in Bitcoin ATM adoption during the first four months of this year.
During the initial quarter, the downward trend continued, especially in the United States, where the number of machines decreased significantly. In contrast, countries with smaller economies and a growing interest in crypto trading, such as Australia and Spain, observed a steady increase in ATM installations throughout the year. According to Coin ATM Radar, the first quarter of this year saw a reduction of 5,850 Bitcoin ATMs globally. However, the narrative took a surprising turn in May, with the addition of an impressive 1,400 ATMs worldwide.
The decline in the first quarter accounted for the write-off of nearly 15% of all Bitcoin ATMs globally, leaving 35,028 machines worldwide at the end of April. However, the subsequent surge in installs in May contributed to a growth rate of over 4% on the month.
Bitcoin ATMs serve as a physical platform for users to trade Bitcoins for fiat currency. This machine allows users to deposit cash and request the desired cryptocurrency. After confirming the trade, users can enter their wallet address or QR code into the ATM, facilitating the exchange of cash for the selected cryptocurrency, which is then immediately sent to their digital wallet.
Even though the United States has seen a decline in Bitcoin ATM installations, it remains the dominant player in the market, with 29,999 machines, representing nearly 85% of the global total. Canada follows with nearly 8% market share, hosting 2,739 ATMs nationwide. Australia secured third place, with 462 Bitcoin ATMs installed, 233 deployed in 2023 alone.
The resurgence of Bitcoin ATM installations during the month of May signifies renewed interest and optimism in the crypto industry. The notable increase in machines around the world reflects the growing demand for an accessible and convenient platform for engaging in cryptocurrency transactions. As the market continues to develop, it will be interesting to observe how Bitcoin ATMs shape the future of digital currency adoption and financial inclusion on a global scale.
