Growth of Bitcoin ATMs installed globally stalls for the first time in history

Along with the fall in the broader cryptocurrency market, the growth of installed Bitcoin (BTC) ATMs around the world was also affected by a downturn for the first time in history.

According to data acquired by Finbold, there are 38,538 crypto ATMs in 77 countries, according to Coin Operated ATM Radar statistics retrieved on September 23, 2022.

While this represents a slight increase since the beginning of September, 38,458 still represents a drop from the total number of installs as of August 1. Notably, the number as of the date was 38,757, which shows that crypto facilities have not made any significant progress. almost two months ago.

Global Crypto ATM Installations. Source: Coin-operated ATM Radar

The revelation should come as no surprise, given that Finbold reported that the expansion of cryptocurrency ATMs around the world fell 32% in the second quarter, from 2,362 to 1,600 machines.

At the start of the year, there were 34,370 cryptocurrency ATMs, but after the first quarter, that number increased to 36,732 units. After the second quarter, 37,642 ATMs were installed.

Crypto Market Downturn

The growing market value in 2021 has led to an increase in the number of installed cryptocurrency ATMs; however, this model has since stalled. For example, the price of Bitcoin fell from its all-time high of around $68,000 in November 2021; the digital asset is struggling to maintain support above $20,000.

Interestingly, Bitcoin experienced one of its worst performances in over a decade during the second quarter of 2022. According to research by Finbold, Bitcoin’s value fell by more than 56% throughout the quarter.

As a direct consequence of the stock market crash, several companies in the cryptocurrency sector had to revise their business strategies. In anticipation of a possible future market upturn, some organizations have been forced to shut down their operations and revamp their plans.

In general, cryptocurrency ATMs help accelerate the widespread acceptance of various assets. However, it is essential to note that ATM transactions do not affect the liquidity available in the market; their sole purpose is to help investors acquire cryptocurrencies in exchange for fiat cash.

Where Do Cryptocurrency ATMs Go From Here?

With rising regulatory concerns, the future of facilities is of keen interest. Some governments are preparing to legislate a crypto regulatory framework to combat illegal activities like money laundering.

Law enforcement officials have already started to discourage the use of cryptocurrency ATMs. In November last year, the Federal Bureau of Investigation (FBI) issued a warning about crypto ATMs and QR codes used by hackers to trick people.

In a separate development, the UK’s Financial Conduct Authority (FCA) in March demanded that all crypto ATM providers in the country immediately stop serving customers or face legal repercussions.

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