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Bitcoin ATM usage has again surged to a magnificent all-time high, but with the uptick in crypto ATM activity driven primarily by the rise in Bitcoin (BTC) price, what’s next for Bitcoin ATMs?
The role of Bitcoin ATMs has long been mysterious and murky, and community sentiment surrounding their use has always been skeptical, with some alleging a clever ruse for free advertising, and others backing the idea of being able to buy BTC in person.
Indeed, the more you read into Bitcoin ATMs, the weirder it gets, but let’s not dwell on the past – moving past the rollercoaster that was 2023, we’re now witnessing a spectacle in the emerging 2024 Bull Run.
A robust revival of the Bitcoin ATM scene, with a staggering 1,469 new machines marking their territory in the first three months of this year.
But Why Are Bitcoin ATMs So Hot Amongst Retail Investors Right Now?
Aa Bitcoin’s halving approaches the crypto world is poised with expectations of a new potential all-time high on the horizon, and this isn’t just another blip on the radar; it’s the kind of event that sends waves of FOMO crashing through the market.
“In the past, more of the uptick we’ve seen has been after the halving,” CEO of Bitcoin Depot Brandon Mintz revealed.
“After the halving is when the price skyrockets the most, and that’s when the FOMO phase starts.
Because Bitcoin ATMs are an easy concept for “normies” or non-crypto investors to understand, they might also become the beacon that guides scores of new believers to the shores of cryptocurrency.
However, the journey here wasn’t paved with only victories. The last 18 months had seen the landscape for in-person transactions diminish, with heavy hitters like Coin Cloud bowing out amidst the contagion from FTX’s bankruptcy.
Despite these setbacks, surviving companies like Bitcoin Depot have reasons to be optimistic – they boasted a 7% increase in revenues for 2023, hitting $689 million.
With plans to launch 900 ATMs in just the first quarter of 2024, they’re not just betting on a recovery; they’re leading the charge into a future where Bitcoin ATMs become as ubiquitous as dollar bills.
The Bottom Line: What’s Next For Bitcoin ATMs?
The United States remains the king of the Bitcoin ATM market, with nearly 83% located within its borders – perhaps hinting at the surging interest being driven by increasingly stringent US cryptocurrency exchange rules.
And, as the finance world buzzes with the arrival of Spot Bitcoin ETFs, the veterans of the Crypto ATM circuit remain unphased.
According to Bitcoin Depot, their machines aren’t vying for the attention of the Wall Street elite; they’re there for the everyday person, the underdog – those without a seat at the traditional banking table.
As we prepare for the Bitcoin halving (less than 30 days away!), more BTC ATMs are coming to a store near you.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
