- According to Coin ATM Radar data, the global cryptocurrency ATM market is expected to peak in 2022.
- The United States ranked first with over 32,000 installations, Canada second with over 3,000, and Australia third with over 1,120.
- Users see Bitcoin ATMs as one of the easiest ways to buy and sell Bitcoin (BTC).
Bitcoin ATM installations are exploding, approaching all-time highs in 2022 and beyond, with significant growth seen over the past three months.
Data shows significant growth in most countries since the beginning of the year, with the United States still the country with the most Bitcoin ATM installations. Canada also saw growth, coming in second place, with almost three times as many Bitcoin ATM facilities as third-place Australia.
What is a Bitcoin ATM?
Bitcoin ATMs are automated teller machines that allow users to buy and sell Bitcoin. In other words, they are an easier way to convert cash into cryptocurrency or vice versa. Most support local currencies, including USD, EUR, GBP, CAD, and AUD.
Currently, about 12.3% of Bitcoin ATMs support two-way operations, meaning that users can withdraw cash from their cryptocurrency balances in addition to purchasing crypto with fiat currency.
To sell Bitcoin for cash at a Bitcoin ATM, users will need one of these two-way operating ATMs.
For example, when a Canadian cryptocurrency investor uses a Bitcoin ATM to withdraw cash, the machine converts it. BTC to CAD Pay in Canadian Dollars at the current exchange rate.
Most machines are designed to be one-way, making purchasing easier. Users need a wallet address or QR code to buy or sell BTC and other cryptocurrencies using a Bitcoin ATM.
Remittances via Bitcoin ATMs are also possible, and cross-border cash-to-cash payments are possible using two Bitcoin ATMs.
Countries with the most Bitcoin ATMs
According to a Bitcoin ATM tracking site: Coin ATM RadarThere are currently 39,038 cryptocurrency ATMs worldwide. This number is approaching the previous record of 39,541 installations worldwide recorded in December 2022.
The United States has the most Bitcoin ATMs worldwide, with 32,404, followed by Canada with 3,039 and Australia with 1,122. In Europe, Spain leads with 310, followed closely by Poland with 285. El Salvador, the first country to adopt Bitcoin as a legal tender, has 215. ATM machineThere are 171 in Hong Kong and 22 in South Africa.
In particular, new installations so far this year have surpassed 2,700, a huge jump from the 21% decline in 2023. The U.S. saw 376 new installations in June alone, while Puerto Rico added 29, Australia 11 and Canada nine.
Coin ATM Radar reported in its June Industry Dynamics report that Bitcoin Depot was ranked as the operator with the most new installations that month, with 182 new installations. DigitalMint came in second with 142 new devices, and RockItCoin came in third with 68 new installations.
Bitcoin ATMs are now available in 70 countries, and the number of companies manufacturing them has grown to 43 worldwide.
Bitcoin ATMs Expand as BTC Price Surges
The increased adoption and use of these facilities is due to their accessibility, ease of use, and convenience. There are gas stations, shopping malls, and stores. Bitcoin ATMs are also popular because of their privacy, allowing users to exchange fiat currency for cryptocurrencies without revealing any key personal information.
Another factor is the profitability of the operator, and there is also the issue of regulatory guidelines that allow installation in many countries.
However, the expansion witnessed in the crypto ATM market also comes against the backdrop of a booming crypto market. After a bearish outlook in Q4 2022 and 2023, cryptocurrencies have been on the rise in 2024. Recently, Bitcoin has surpassed $73,000 to reach an all-time high, while Ethereum is nearing its 2021 peak.
Bitcoin price is currently hovering around $64,800, and investors are eyeing new bullish momentum that could see the price recover to the $70,000 range, and possibly even reach an all-time high of $73,000.
Spot Bitcoin ETFs and the recent halving that reduced the block reward from 6.25 BTC to 3.125 BTC, analysts say these factors could drive market growth in the coming months.
Experts say Bitcoin could be on the verge of another major rally, with several factors likely to act as bullish catalysts, including regulatory changes, U.S. election sentiment, and global macroeconomic conditions.
The end-2024 target includes a march to a record high of more than $100,000, Standard Chartered analysts have doubled their forecast. Fix it It suggests that the base cryptocurrency price could reach $250 by the end of 2025.
conclusion
Bitcoin is showing signs of recovery after the June 2024 drop and early July selloff. There is the German government’s BTC dump and the Mt. Gox unrest. With Bitcoin prices rising from recent lows to above $64,000, analysts are bullish on the possibility of a bullish cycle surge in the coming months. Most analysts point to a news-driven surge as the short-term outlook for BTC before bulls take over in Q4.
This outlook for BTC suggests that the Bitcoin ATM market could see a new surge. If this expansion comes to fruition, global installations could set a new record, surpassing the 2022 high of 39,541.