Bitcoin ATM shipments are approaching a 2022 record high due to the recent surge in BTC prices.
According to Coin ATM Radar data, the global crypto ATMs market is on the verge of reaching its peak in 2022.
The USA leads with more than 32,000 installations, Canada is second with more than 3,000 locations, and Australia is third with more than 1,120.
Users look to Bitcoin ATMs as a way to buy and sell Bitcoin (BTC).
Bitcoin ATM shipments have exploded to an all-time high seen last year in 2022, with significant growth over the past three months.
Data shows significant year-over-year increases in most countries, with the USA still the country with the most Bitcoin ATM installations. Canada recorded growth and ranked second, with nearly three times as many Bitcoin ATM facilities as Australia, which ranked third.
What are Bitcoin ATMs?
Bitcoin ATMs are automated teller machines that allow users to buy and sell bitcoins, or in other words, the easiest way to convert cash to crypto or crypto to cash. They support most local currencies including USD, EUR, GBP, CAD and AUD.
Currently, about 12.3% of Bitcoin ATMs support two-way operations, which means that users can withdraw money from their crypto balance in addition to buying their cryptocurrency with fiat.
To sell Bitcoin for cash at a Bitcoin ATM, a user needs one of these two-way operation ATMs.
For example, if a crypto investor in Canada uses a Bitcoin ATM to withdraw money, the machine will switch. BTC to CAD Pay at the current exchange rate and then Canadian dollars.
Since most machines are designed as one-way, it is easy to buy. When users use a Bitcoin ATM, they need a wallet address or QR code to buy or sell BTC and other cryptocurrencies.
Remittance through Bitcoin ATMs is also possible, one can send cash across borders using two Bitcoin ATMs.
Countries with the most Bitcoin ATMs
According to the Bitcoin ATM tracking site Coin ATM RadarThere are currently 39,038 crypto ATMs worldwide. This number is approaching the peak seen in December 2022, when total global installations will reach a record 39,541.
The US has the highest number of Bitcoin ATM installations globally with 32,404, followed by Canada with 3,039 and Australia with 1,122. In Europe, Spain leads with 310 places, followed by Poland with 285. El Salvador is the first country to accept Bitcoin as legal tender, 215 installed. ATMHong Kong is 171 and South Africa is 22.
More than 2,700 new installations were seen, compared to a 21 percent decline in 2023. The US saw 376 new installations in June alone, followed by Puerto Rico 29, Australia 11 and Canada 9.
Coin ATM Radar reported in its June Industry Dynamics report that Bitcoin Depot had the most new installations for the month at 182 operators. Digital Mint is second with 142 new devices, while RockItCoin is third with 68 new installs.
Bitcoin ATMs are currently available in 70 countries, and the number of companies that manufacture these machines has increased to 43 worldwide.
A rise in the value of BTC drives the proliferation of Bitcoin ATMs.
The rise and use of these facilities lies in their accessibility, ease of use and convenience. Locations include gas stations, shopping centers and stores. Bitcoin ATMs are popular for their privacy, where users can exchange fiat for crypto without revealing key personal details.
Another reason for operators' profitability is the fact that many countries have regulatory guidelines that allow installation.
However, the expansion seen in the crypto ATM market is against the backdrop of an ever-growing crypto market. In the year After a bearish outlook in the last quarter of 2022 and 2023, cryptocurrencies are set to rise in 2024. Recently, Bitcoin reached an all-time high above $73,000 and Ethereum is nearing its highest since 2021.
Bitcoin price is currently hovering around $64,800 as investors eye a new bullish momentum that could push the price back to $70,000 and possibly as high as $73,000.
Spot Bitcoin ETFs, which cut rewards from 6.25 BTC to 3.125 BTC in the recent halving, analysts say could boost market growth in the coming months.
With regulatory developments, US election sentiment and the global macro environment is also likely to provide a confluence of bullish triggers, experts say that Bitcoin may be on the verge of another big rally.
Targets for late 2024 include a rally to record highs above $100k. Analysts at Standard Chartered doubled down on their forecast; Review To suggest that the benchmark cryptocurrency could reach $250 by the end of 2025.
Summary
As of early July 2024, Bitcoin is showing resilience after June's setbacks – with the German government's BTC dump and Met Gox's jitters. As Bitcoin price hovers above $64k amid a rebound from recent lows, analysts have raised the possibility of a bull cycle in the coming months. Most analysts suggest news-driven spikes for BTC's short-term outlook before the bulls take over in Q4.
This BTC outlook suggests that the Bitcoin ATMs market may see a new surge. If this expansion takes place, global installations could reach a new record high of 39,541 in 2022.
