Nikolas Sargeant
As 2023 unfolded, Bitcoin made headlines by consistently smashing records; however, the availability of cryptocurrency kiosks, offering the option to purchase digital assets with cash or debit cards, experienced a notable decline. Coin ATM Radar data reveals a global decrease in the total number of crypto ATMs from 37,827 on January 1, 2023, to 33,628 on January 1, 2024, signaling a significant drop within a span of just one year.
Unusual Downturn In Bitcoin ATM Deployment
Over the past decade, the installation of Bitcoin ATMs had exhibited an annual uptrend, with numbers consistently growing at the start of each year. Since Coin ATM Radar began tracking in October 2013, the count reached a pinnacle of 39,376 in August 2022, reflecting the rising popularity of cryptocurrencies and the acceptance of crypto ATMs as a means to acquire digital assets.
Contrary to this historical trend, 2023 marked a departure from the norm, witnessing a decline in the net total of Bitcoin ATMs by the year's end. The global count of installed crypto ATMs experienced an approximately 11.1% decrease compared to the beginning of 2023.
Among the nations affected by this decline, the United States stood out prominently. Despite hosting 82% of all crypto ATMs globally, the US witnessed a substantial drop of 15.4% in its ATM count, falling from 32,672 to 27,631 throughout 2023.
Interestingly, Coin ATM Radar's data suggests that BitAccess, a leading crypto ATM manufacturer, might have contributed to this decrease, with the company's net installations experiencing a significant decline of 26%, dropping from 9,160 in August 2022 to 6,774 on January 1, 2024.
On The Positive Side
While 2023 had its fair share of peculiar Bitcoin ATM-related incidents, there were also positive developments. A 51-year-old resident of Jefferson City, Missouri, named Matthew Klinger, received a five-year supervised probation sentence after admitting to shooting a Bitcoin ATM with a handgun, citing his motive as preventing the machine from taking money from others.
Lux Vending, operating as Bitcoin Depot, initiated legal action against the sheriff’s office of McLennan County, Texas, alleging the unlawful seizure of $15,000 from a Bitcoin ATM by authorities. These funds were intended to compensate an elderly victim who had fallen victim to an online crypto scam.
However, the narrative took a positive turn when Bitcoin Depot went public on the Nasdaq on July 3 and expanded its operations to the 28th US state. The company reported a revenue of $179.5 million in Q3 2023, indicating a 3% year-on-year increase.
Despite the slowdown in the US, Bitcoin ATM figures experienced steady growth in Australia, Canada, Spain, and Poland. Additionally, two major manufacturers, General Bytes and Genesis Coin, continued to expand the count of Bitcoin ATMs throughout the year.
