Bitcoin

The global network of Bitcoin ATMs is poised for rapid expansion, spurred by the anticipation of the Bitcoin halving event, as stated by the chief of a leading ATM provider.
This prediction comes after a significant drop in crypto ATM installations in 2023, marking the first decline in a decade, attributed to a bear market intensified by the failure of several cryptocurrency firms.
<a href="https://www.forbes.com/profile/brandon-mintz/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">Brandon Mintz</a>, CEO of Bitcoin Depot, highlighted an encouraging start to 2024, with 1,469 new crypto ATM installations in the first quarter alone.
This is a stark contrast to the previous year when over 3,000 units were removed. Mintz expressed optimism for continuous growth in the industry, especially with Bitcoin experiencing remarkable performance, having surpassed its all-time high twice in March.
According to Mintz, the latter stages of bull markets often witness a surge in cryptocurrency adoption, which in turn boosts customer traffic to Bitcoin ATMs.
He anticipates this trend to escalate post-halving, an event set for late April that reduces Bitcoin mining rewards by half.
Historical patterns suggest that the halving leads to a substantial price increase and heightened investor interest.
Despite the recent increase in ATM installations, the industry has seen a reduction in operators over the last 18 months, with notable bankruptcies such as Coin Cloud’s.
READ MORE: <a href="https://www.cryptointelligence.co.uk/bitcoin-behemoth-transfers-over-6-billion-signaling-institutional-investors-growing-faith-in-crypto-ahead-of-halving/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Behemoth Transfers Over $6 Billion, Signaling Institutional Investors’ Growing Faith in Crypto Ahead of Halving</a>
Mintz attributed this downturn to the broader crypto market’s challenges, especially following the collapse of the FTX exchange.
Bitcoin Depot reported a 7% increase in annual revenues to $689 million, although net income saw a significant decline.
The company is expanding its ATM network in the U.S., planning hundreds of new installations across convenience stores in 24 states.
The U.S. dominates the global distribution of crypto ATMs, hosting over 83% of the world’s total.
Recent regulatory approvals, like spot Bitcoin ETFs, have been seen as potential growth drivers for the sector, although Mintz views Bitcoin ATM users and ETF investors as distinct customer groups.
He underlined the importance of Bitcoin ATMs for people who are underbanked or prefer cash transactions, contrasting them with the typically wealthier ETF buyers.
Mintz believes that any positive impact of ETFs on Bitcoin’s price and adoption will likely increase the usage of Bitcoin ATMs, benefiting the industry overall.
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Bitcoin ATM Network Poised for Global Expansion Ahead of Halving Event, Says Industry Leader

Crypto Intelligence

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