Global Bitcoin ATMs sink to 2021 lows – Can BTC ETFs save the industry?

Bitcoin ATMs take a global nosedive 

Bitcoin ATMs have been an essential bridge in linking fiat or physical cash and digital currencies. In this case, bitcoin ATMs serve to offer Bitcoin exchange of BTC tokens to fiat, or vice versa. BTMs have made BTC more accessible to anyone around the globe. However, the number of BTC ATMs has reduced, hitting its all-time low since 2021. 

Since 2022, the number of installed BTC ATMs has dropped by 7,000, indicating a 17% drop. This is according to data from AltIndix reported on Wednesday. Currently, the number of installed BTC ATMs is recorded at 32,500 this year. 

The United States holds the highest number of BTMs, and the numbers also show a decline in their installation across the region. It has a higher number 18 times the ATMs installed across Europe, which hosts over 1,400 BTMs. 

There are various reasons that have led to this decline in installations, among them being scammers placing ads on sites like eBay and asking buyers to deposit funds in BTC on specific BTC wallets. The funds later vanished. 

According to Brandon Mintz, the Chief Executive Officer  (CEO) and founder of the publicly traded bitcoin ATM operator Bitcoin Deport (BTM) stated that the dwindling number of BTMs is based on ATMs going out of business or closure of unprofitable BTMs. He was quoted stating:

This creates an opportunity for us that allows us to further increase market share through acquisitions and organic kiosk growth in additional retail locations.