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Analyzing the Unprecedented Drop and Unraveling the Factors Behind the Global Trend
- Bitcoin ATMs worldwide decreased from 37,827 to 33,628 in 2023, marking an 11.1% drop.
- Notably, the US, hosting 82% of all crypto ATMs, experienced a significant 15.4% decline.
- Coin ATM Radar data indicates BitAccess, a major ATM manufacturer, played a pivotal role, with installations dropping by 26%.
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Start TradingIn 2023, despite Bitcoin’s sustained rise, a surprising trend emerged with a sharp decline in the availability of Bitcoin ATMs globally. This unexpected development has raised questions about the potential impact on cryptocurrency accessibility.
According to data from Coin ATM Radar, the number of crypto ATMs worldwide plummeted from 37,827 on January 1, 2023, to 33,628 on January 1, 2024. This decline, breaking the annual uptrend of the past decade, is noteworthy and suggests a shift in the dynamics of cryptocurrency adoption.
Examining the historical trend, Bitcoin ATMs consistently showed annual growth until 2022. However, 2023 marked an uncharacteristic downturn, deviating from the norm. The global decrease of approximately 11.1% in installed crypto ATMs indicates a departure from the established trajectory, raising concerns within the crypto community.
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Impact on the United States and Role of BitAccess
The decline in Bitcoin ATMs had a notable impact on the United States, a global leader in cryptocurrency adoption. The country experienced a significant drop of 15.4%, with the number of ATMs falling from 32,672 to 27,631. This reduction is particularly significant given the US’s dominance, hosting 82% of all crypto ATMs globally.
Coin ATM Radar’s data points towards BitAccess, a major crypto ATM manufacturer, playing a substantial role in the overall decrease. BitAccess witnessed a remarkable 26% decline, dropping from 9,160 installations in August 2022 to 6,774 on January 1, 2024. The impact of such a decline from a key player raises questions about the industry’s stability and the potential factors behind this shift.
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Start TradingBizarre Cases, Positive Developments, and Regional Variances
The decline in Bitcoin ATMs in 2023 was accompanied by some unusual incidents. In Jefferson City, Missouri, a 51-year-old resident, Matthew Klinger, received a probation sentence for shooting a Bitcoin ATM, claiming to prevent it from taking money from others. Additionally, Lux Vending’s legal action against the sheriff’s office in Texas showcased the complex legal challenges surrounding Bitcoin ATMs.
Despite the negative trend, there were positive developments. Bitcoin Depot, facing legal challenges, went public on Nasdaq, expanding its operations to a new state. Furthermore, the company reported a revenue increase of $179.5 million in Q3 2023, indicating resilience and potential opportunities within the industry.
While the US experienced a decline, Bitcoin ATM figures continued to grow in Australia, Canada, Spain, and Poland. General Bytes and Genesis Coin, two major manufacturers, played a pivotal role in expanding the global count of Bitcoin ATMs. This regional variance suggests that the industry’s dynamics vary across different parts of the world, with certain regions demonstrating a continued interest and adoption of cryptocurrency.
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The post Number of Bitcoin ATMs Decreased Globally in 2023: Report appeared first on Bitcoinsensus.
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