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Number of Bitcoin ATMs Installations is Growing

ByLouis Adams

Mar 29, 2024 #Bitcoin
Reading time: < 1 minute

Bitcoin ATM installations are predicted to pick up speed after the halving, as market FOMO typically reaches its peak.

Brandon Mintz, CEO of Bitcoin Depot, shared this view in an interview with Cointelegraph. In 2023, the number of cryptocurrency ATMs experienced a rare decrease of 11.4%, the first in 10 years.

This was largely due to a bearish sentiment in the industry, exacerbated by the collapse of several major firms. However, the start of 2024 brought back optimism, according to Mintz.

In the first three months, 1,469 new ATMs were installed, compared to over 3,000 that were removed during the same time period last year.

“The industry is showing a significant increase in the number of machines, which is a positive sign,” said Mintz.

He also noted that the pace of new ATM installations tends to accelerate during the later stages of a bull market.

This is driven by the growing use of digital currencies and the demand for these devices.