US Shutdowns Trigger Global Dip in Bitcoin ATMs
For the first time in almost a year, there’s been a noticeable decrease in the number of active Bitcoin ATMs globally since July 2023. The United States and Canada dominate this network, accounting for a combined 91.4% of all Bitcoin ATMs. Specifically, the U.S. hosts 31,089 machines, which make up 82.6% of the total, while Canada has 2,909 ATMs, or 7.7% of the network.
Throughout 2024, countries around the world have played a major role in the month-over-month increase of Bitcoin ATMs, almost reaching the 38,000 units mark that was lost back in January 2023. This ten-month-long growth trend came to a halt when over 300 ATMs went offline in May 2024. By May 21, the U.S. market saw a reduction of 302 Bitcoin ATMs, and Canada experienced a loss of 28 machines.
This decline was mitigated somewhat by the addition of new Bitcoin ATMs in regions such as Australia, Switzerland, and various parts of Europe. As a result, the net decline of Bitcoin ATMs stood at 280 by the end of the given period. In the United States, law enforcement agencies have been actively targeting and closing down Bitcoin ATMs due to their frequent use in scams and extortion schemes. The exact reasons for the recent and more significant decline in ATM numbers remain somewhat ambiguous.
Australia now holds the position of having the third-largest network of Bitcoin ATMs worldwide, with a total of 1,041 machines, accounting for 2.8% of the global network. This places Australia behind only the U.S. and Canada in terms of the number of Bitcoin ATMs.
Interestingly, Bitcoin Depot, the largest ATM operator in the United States, reported stable earnings in 2024. The company’s financial stability appears unaffected by the fluctuating prices of Bitcoin. In its annual report filed on April 15, Bitcoin Depot stated that historically, there’s been no direct correlation between its revenues and the price of Bitcoin. According to their own user surveys, most of their customers utilize the ATMs for practical purposes like money transfers, international remittances, and online purchases, rather than for speculative investments.
Bitcoin Depot elaborated that this discrepancy between their revenues and Bitcoin prices is partly due to the range of services they provide, which cater to essential financial transactions. This diversification in the utility of Bitcoin ATMs demonstrates their significance beyond just serving crypto investors.
While the global network of Bitcoin ATMs has faced a temporary setback, the steady addition of new machines in various countries suggests a resilient and evolving landscape. The role that these ATMs play in financial inclusion and practical transactions continues to be a major driver for their sustained presence in the market. As regulations and user needs evolve, the market for Bitcoin ATMs is likely to adapt accordingly.
18 thoughts on “US Shutdowns Trigger Global Dip in Bitcoin ATMs”
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Even with Australia’s growth, losing so many machines in the U.S. and Canada is a bad sign. The network should be expanding, not contracting.
It’s discouraging to read about this decline. The uncertainty around why so many ATMs are going offline makes me question the future of crypto adoption. 🥺
The decline might be mitigated by new additions in Europe, but it’s still a net loss. This trend doesnt bode well for Bitcoin ATMs globally.
Even with the decline, Bitcoin ATMs are still a crucial part of the crypto world. Kudos to all the countries stepping up!
The month-over-month growth trend was impressive! Looking forward to a quick recovery and future growth.
Given the importance of Bitcoin ATMs in financial transactions, it’s unacceptable that they are being targeted by law enforcement. Isn’t there another way to address scams?
Bitcoin Depot’s diversified services really prove why they’re thriving. A model for others to follow!
Just when you think Bitcoin ATMs are making progress, something like this happens. It’s frustrating. 😠
Very interesting to note how Bitcoin Depot maintains stability despite market fluctuations. Solid business model!
This decline is really concerning. It seems like the authorities are cracking down on Bitcoin ATMs in the U.S. because of scams. Is there no way to make them safer?
Great to read about the practical uses of Bitcoin ATMs beyond investment. Important for global financial inclusion!
Financial inclusion through Bitcoin ATMs is such an essential step forward. Love to see it!
Hats off to all the new regions investing in Bitcoin ATMs. The global spread is truly encouraging!
The role of Bitcoin ATMs in financial inclusion is significant. Looking forward to seeing more global expansion!
Love the global growth of Bitcoin ATMs! Crypto is becoming more accessible than ever.
Wow, Australia coming in strong with the third-largest network! Way to go, mate!
really dominate the Bitcoin ATM network! It’s great to see North America leading the charge. Keep it up!
Seriously, if Bitcoin Depot can maintain stable earnings, why can’t other regions keep their ATMs? This inconsistency is baffling.