This Bitcoin [BTC] the system is finally bearing the brunt of the ongoing crypto blizzard
The installation of Bitcoin [BTC] ATMs worldwide have been on the rise since 2017. The bull run for the same finally seems to have come to an end in September 2022. Install numbers finally took a hit last month amid the ongoing crypto winter.
A worldly matter at hand…
In accordance data from Coin ATM Radar, at the beginning of 2017, there were almost a thousand Bitcoin ATMs worldwide. Furthermore, approximately half of these ATMs were present in the United States. However, the latest figures showed that the number dropped to a total of 38,195.
Furthermore, the total number of Bitcoin ATMs installed actually decreased after August 2022. The month started with 38,777 ATMs worldwide, and ended at 37,980, a decrease of 2% in one month.
Although this figure has since recovered to 38,185, the downward trend in the chart may be a cause for concern, given that previous results have been characterized by a continuous uptrend that continued for more than five years.
A focus on regional performance
A closer look at the numbers reveals that the US accounted for for the majority of ATMs, with more than 87% present in the country. But at the beginning of August, the number of ATMs in the US fell to 33,235. The figure, as of October, increased slightly to 33,385.
As for Europe, there were no signs of a significant slowdown. The region managed to not only maintain the number of ATMs, but also gradually increase them. Surprisingly, even during the peak of crypto sales, Europe saw new ATM installations at a rate of 0.75% each month since June.
The UK experienced the worst results in this sector so far. The number of ATMs in the UK actually started to decline well before the current bear market. Furthermore, this number was surprisingly decreasing even in the middle of the bull run in 2021.
At its peak, the UK had 283 ATMs in February 2020. This number came down to almost 100 at the start of 2022, and was currently at 19. Interestingly, the number of ATMs was fairly stable during the market-wide sell-off following Terra’s crash.
Crypto ATMs in the news
ONE report published by Grand View Research, a global market research organization, valued the global crypto ATM market at $75 million in 2021. Crypto ATM revenue is projected to reach as much as $1.88 billion by 2028.
Furthermore, Bitcoin Depot, the largest crypto-ATM operator in North America with over 6,400 operational machines, announced their plans to go public in 2023 via a Special Purpose Acquisition Company or SPAC at a valuation of $885 million.
Japanese crypto exchange Gaia Co. Ltd recently announced that it would bring back crypto ATMs in the country. This would be the first digital asset ATM to launch after the 2018 crypto winter.
