Good news for crypto enthusiasts! After a rough patch last year, Bitcoin ATM installations are bouncing back. Full story here. The number of these machines has grown by almost 6,000 since July 2023, with the US leading the charge at over 31,600 ATMs.
But hold on a sec. While this growth is promising, it’s not quite a moon landing just yet. We’re still way below the 2021 boom, when ATMs were popping up like crazy, and haven’t reached the all-time high of over 39,500.
Here’s the deal:
Most of the growth is happening in the US, which makes sense considering it has the most ATMs overall. These machines mostly deal in Bitcoin, Ethereum, and some altcoins, with the surprising fact that DOGE is more popular than Tether (USDT) on ATMs. The biggest BTM operators are Genesis Coin, General Bytes, and BitAccess, with Bitcoin Depot (the US giant) using BitAccess software.
Why the growth? It’s not necessarily because Bitcoin is going crazy. Bitcoin Depot says there’s no direct link between their business and Bitcoin’s price. They might be planning to buy some Bitcoin with their cash reserves though, that’s interesting!
The future looks bright! Researchers say the BTM market is expected to explode in the next decade. But there are some bumps in the road:
Regulations are a pain. Confusing laws and crackdowns on illegal ATMs are making things difficult for legit operators. Fees can be brutal. Getting your crypto fix at a BTM can cost you up to 20% in fees, and some companies might not be super transparent about it. Are they targeting the underbanked? There are accusations that BTM companies are putting machines in minority neighborhoods, potentially taking advantage of people without access to traditional banks.
So, what do you think? Are Bitcoin ATMs a game-changer or a bit shady?
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