Auto

United

Bitcoin

The crypto world has its fair share of up and down surges, as witnessed by events in recent years. Bitcoin has long since solidified its position and has been a force to reckon with, as it has fostered many innovations in the digital space. However, there are other developments it has made that have gone under the radar.&nbsp; 
One such innovation is the Bitcoin Auto Teller Machines (ATMs) commonly termed as BTMs. These innovations have been widespread all across the globe, but recent data shows the dwindling use as the number of Bitcoin ATMs has plummeted to the lowest level since 2021.&nbsp; 
However, the approval of <a href="https://x.com/AltcoinDailyio/status/1715049386789744831?s=20" rel="nofollow" target="_blank">spot Bitcoin</a> Exchange-Traded Funds (ETFs) could mean a better future for Bitcoin in the crypto space.&nbsp; 
<h2 class="wp-block-heading" id="bitcoin-atms-take-a-global-nosedive">Bitcoin ATMs take a global nosedive&nbsp;</h2> 
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.&nbsp; 
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.&nbsp; 
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.&nbsp; 
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.&nbsp; 
According to Brandon Mintz, the Chief Executive Officer&nbsp; (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: 
<blockquote class="wp-block-quote"> 
 This creates an opportunity for us that allows us to further increase market share through acquisitions and organic kiosk growth in additional retail locations. <cite>Brandon Mintz</cite>
</blockquote> 
<h2 class="wp-block-heading" id="bitcoin-s-rise-based-on-etf-approval">Bitcoin’s rise based on ETF approval</h2> 
The recent news sentiments on the crypto Exchange Traded Funds have been long awaited, and its approval by the SEC could mean a lot for the crypto community. Upon approval of the <a href="https://www.cryptopolitan.com/blackrock-jpmorgan-to-drive-bull-run-forbes/">BlackRock </a>spot BTC ETF, BTC’s price could surge to a peak close to $56,000, just shy of its all-time high. The Matrixport report stated: 
<blockquote class="wp-block-quote"> 
 Assuming that 10-20% of those precious metals ETF investors seek to diversify their investments into BTC. We can estimate potential inflows of $12-24 billion into the BTC ETF. While the market cap of GBTC is currently only $17-18 billion, it reached a peak of $44 billion. Therefore, our estimate of $12-24 billion is relatively conservative. <cite>Matrixport report</cite>
</blockquote> 
After <a href="https://www.coindesk.com/business/2023/10/19/matrixport-says-bitcoin-will-rise-to-between-42k-and-56k-if-blackrock-etf-is-approved/?_gl=1*z4p6o6*_up*MQ..*_ga*MTIyODk2NjAyNC4xNjk3NzI5Mzk1*_ga_VM3STRYVN8*MTY5NzcyOTM5NC4xLjEuMTY5NzcyOTQxNS4wLjAuMA" rel="nofollow noopener" target="_blank">BlackRock</a> filed for its spot BTC ETF in mid-June on the 15th, BTC’s price rose from $24,800 to $30,000 in a span of just 7 days. Matrixport also reported, “15,000-strong U.S. registered investor advisor (RIA) community is overseeing around $5 trillion. This group holds immense potential, and even a modest 1% allocation recommendation for Bitcoin would usher in around $50 billion in inflows.” 
According to Matrixport, a crypto service provider, their report on Thursday explained that the ETF approval could surge <a href="https://x.com/naiivememe/status/1714894535720092024?s=20" rel="nofollow" target="_blank">BTC’s price</a> with the lowest end at $42,000. This is based on data assumptions that 10%-20% of investors in gold ETF are likely to <a href="https://www.cryptopolitan.com/the-dark-side-of-crypto-in-florida-politics/">support </a>the spot BTC ETF.&nbsp;

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

Table of Contents

Cryptopolitan_News

Other articles published on Oct 19, 2023

Verasity (VRA) Price Prediction 2024, 2025, 2030, 2040, and 2050

This company is the top electric car maker in the world, not Tesla: but will they accept crypto

SHIB drops 15% in 2023; analysts expect PEPE rival to surge

DGI9 Share Price Analysis: Should You Buy the Dip or Stay Away

Litecoin Price Prediction: LTC Price Oversold; Time to Invest?

Worldcoin Whales Accumulating: Analysis Reveals

Join our free newsletter for daily crypto updates!