Bitcoin ATM Market Analysis in May 2024
After a period of growth, the number of Bitcoin ATMs worldwide declined in May, interrupting a trend that began in July 2023. This decrease was largely driven by the removal of over 300 ATMs from service in the United States, representing over 80% of the global Bitcoin ATM market.
US Bitcoin ATM Numbers Decline
Data from Coin ATM Radar shows that the total number of Bitcoin ATMs globally fell from 37,902 to 37,621 in May. The US experienced the largest decline, losing 302 machines, while Canada, the second-largest market for Bitcoin ATMs, lost 28 machines.
- Reasons for the decline are unclear
- Law enforcement targeting ATMs for illegal activities
Impact on Bitcoin Prices
Despite the decline in Bitcoin ATM numbers, Bitcoin Depot, the largest Bitcoin ATM operator in the US, reported steady earnings in 2024. The company’s revenue is not correlated with the price of Bitcoin, as most users utilize the service for legitimate purposes.
- Bitcoin Depot’s revenue not tied to BTC price
- Users focus on money transfers, remittances, and online purchases
Australia has become the third-largest network of active Bitcoin ATMs after the US and Canada, with 1,041 machines. The net decline in crypto ATMs has been reduced to 280 due to new installations in Australia, Switzerland, and Europe.
This decline in Bitcoin ATM numbers should not be seen as a bearish indicator for the crypto market but is likely influenced by external factors.
For more information on using Bitcoin ATMs, refer to our 2024 Guide.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
