In May, the global Bitcoin ATM market witnessed a remarkable surge in installations, marking a remarkable turnaround after a year-long decline in crypto ATMs. The trend reversal brought hope for the industry, which had experienced a continuous downward trajectory in Bitcoin ATM deployments during the year’s first four months.
During the initial quarter, the decreasing trend persisted, primarily affecting the United States, where the number of machines significantly declined. Conversely, countries with smaller economies and a burgeoning interest in crypto trading, such as Australia and Spain, observed a steady rise in ATM installations throughout the year. According to Coin ATM Radar, the first quarter of the year witnessed a reduction of 5,850 Bitcoin ATMs globally. However, the narrative took a surprising turn in May, with an impressive addition of approximately 1,400 ATMs worldwide.
The decline in the first quarter accounted for the removal of nearly 15% of all Bitcoin ATMs globally, leaving 35,028 machines worldwide by the end of April. However, the subsequent installation surge in May contributed to a growth rate of just over 4% within a month.
Bitcoin ATMs serve as physical platforms for users to trade Bitcoin for fiat currency. These machines allow users to deposit cash and request the desired cryptocurrency. Upon confirming the trade, users can enter their wallet address or QR code into the ATM, facilitating cash exchange for the chosen cryptocurrency, which is then promptly sent to their digital wallet.
Although the United States experienced a decrease in Bitcoin ATM installations, it remains the dominant player in the market, boasting 29,999 machines, representing nearly 85% of the global total. Canada follows with almost 8% market share, housing 2,739 ATMs nationwide. Australia secures the third spot, with 462 Bitcoin ATMs installed, 233 deployed in 2023 alone.
The resurgence in Bitcoin ATM installations during May signals renewed interest and optimism within the crypto industry. The notable increase in machines worldwide reflects the growing demand for accessible and convenient platforms to engage in cryptocurrency transactions. As the market continues to evolve, it will be interesting to observe how Bitcoin ATMs shape the future of digital currency adoption and financial inclusion on a global scale.
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