While Bitcoin continued to break records throughout 2023, the kiosks providing the option to acquire cryptocurrencies using cash or debit cards have been on a decline.
According to Coin ATM Radar, the total count of crypto ATMs worldwide has dwindled from 37,827 on January 1, 2023, to 33,628 on January 1, 2024, marking a noticeable decrease in just one year.
Uncharacteristic Downturn in Bitcoin ATM Installation
For a decade, the number of installed Bitcoin ATMs exhibited an annual uptrend, experiencing growth at the beginning of each year. Since the inception of tracking by Coin ATM Radar in October 2013, this figure reached an all-time high of 39,376 in August 2022, demonstrating the increasing popularity of cryptocurrency and the acceptance of crypto ATMs as a means of acquiring digital assets.
Contrary to the historical trend, 2023 witnessed a departure from the norm, as the net total of Bitcoin ATMs experienced a decline by the year’s end. The global count of installed crypto ATMs is approximately 11.1% lower than at the commencement of 2023.
Among the countries affected by this decline, the United States stands out prominently. while being home to 82% of all crypto ATMs globally, the US experienced a substantial drop of 15.4% in its ATM count, falling from 32,672 to 27,631 throughout 2023.
Notably, Coin ATM Radar’s data suggests that BitAccess, a prominent crypto ATM manufacturer, may have played a role in the decrease. The company’s net installations witnessed a significant decline of 26%, dropping from 9,160 in August 2022 to 6,774 on January 1, 2024.
On The Bright Side
2023 had its fair share of bizarre cases related to Bitcoin ATMs as well. A 51-year-old resident of Jefferson City, Missouri, named Matthew Klinger, received a five-year supervised probation sentence after confessing to shooting a Bitcoin ATM with a handgun. His stated motive was to prevent the machine from taking money from others.
Lux Vending, operating under the name Bitcoin Depot, reportedly initiated legal action against the sheriff’s office of McLennan County, Texas. The lawsuit alleges the unlawful seizure of $15,000 from a Bitcoin automated teller machine (ATM) by authorities. The confiscated funds were intended to compensate an elderly victim who had fallen prey to an online crypto scam.
However, the situation 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 also reported a revenue of $179.5 million in Q3 2023, indicating a 3% year-on-year increase.
Despite a slowdown in the US, Bitcoin ATM figures steadily grew 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.