• Coin ATM Radar data shows that the global crypto ATMs market is on the cusp of surpassing the peak of 2022.
• The USA leads with over 32,000 installations, while Canada is second with over 3,000 locations and Australia third with more than 1,120.
• Users see Bitcoin ATMs as one the easiest ways to buy and sell Bitcoin (BTC).

Bitcoin ATM installations have exploded and are approaching the all-time highs last seen in 2022, with significant growth witnessed in the past three months.

Data shows a significant increase year-to-date across most countries, with the USA still the country with the most Bitcoin ATM installations. Canada has also registered growth and ranks second, with nearly three times as many Bitcoin ATM facilities as third-ranked Australia.

What are Bitcoin ATMs?

Bitcoin ATMs are automated teller machines that allow users to buy and sell bitcoins, or in other words, an easier way to convert cash to crypto or crypto to cash. Most support local currencies, including USD, EUR, GBP, CAD and AUD.

Currently, about 12.3% of bitcoin ATMs support two-way operations, which means they allow users to withdraw cash from their crypto balances in addition to buying cryptocurrency with fiat. 

In order to sell Bitcoin for cash at a Bitcoin ATM, a user would require one of these two-way operation ATMs.

For example, if a crypto investor in Canada used a Bitcoin ATM to withdraw cash the machine would convert their BTC to CAD at the current exchange rate and then pay out Canadian dollars. 

Buying is easier as most machines are designed as one-way. Users need a wallet address or QR code when using bitcoin ATMs to buy or sell BTC and other cryptocurrencies.

Remittances via Bitcoin ATMs are also possible, with one able to send cash-to-cash payments across borders using two Bitcoin ATMs.

Countries with the most bitcoin ATMs

According to Bitcoin ATM tracking site Coin ATM Radar, there are currently 39,038 crypto ATMs worldwide. This number is approaching the peak seen in December 2022 when the total global installations reached a record 39,541.

The US has the most Bitcoin ATM installations globally at 32,404, while Canada is second with 3,039 and Australia third with 1,122. In Europe, Spain leads with 310 locations and Poland follows closely with 285. El Salvador, the first country to adopt Bitcoin as legal tender, has 215 installed ATMs, Hong Kong has 171 and South Africa 22.

Notably, new year-to-date installations have surpassed 2,700, a huge spike compared to the 21% decrease in 2023. The US saw 376 new installations in June alone, while Puerto Rico added 29, Australia 11 and Canada 9.

Coin ATM Radar notes in its industry dynamics report for June that Bitcoin Depot topped as the operator with the most new installations for the month with 182. DigitalMint ranked second with 142 new devices while RockItCoin was third with 68 new installations.

Currently, Bitcoin ATMs are available in 70 countries while companies that manufacture these machines have increased to 43 worldwide.

BTC price surge drives Bitcoin ATM expansion

The increased adoption and use of these facilities are down to their accessibility, ease of use and convenience. Locations include gas stations, shopping malls and stores. Bitcoin ATMs are also popular for their privacy, with users able to exchange fiat for crypto without having to divulge key personal details.

Profitability for operators is another factor as is the issue of many countries having regulatory guidelines that allow for their installation.

However, the expansion witnessed in the crypto ATM market also comes against the backdrop of a surging crypto market. After the bearish outlook in the last quarter of 2022 and 2023, cryptocurrencies have been on the upside in 2024. Recently, Bitcoin reached an all-time high above $73,000 and Ethereum came close to its peak from 2021.

Bitcoin’s price currently hovers around $64,800 as investors eye fresh bullish momentum that could return prices to the $70,000 mark and possibly the all-time high of $73,000.

Spot Bitcoin ETFs, the recent halving that cut block rewards from 6.25 BTC to 3.125 BTC are factors that analysts say may propel market growth in coming months.

With regulatory developments, US election sentiment and the global macro environment also likely to provide a confluence of bullish catalysts, experts say Bitcoin could be on the verge of another major rally. 

Targets for the end of 2024 include a potential march to record highs above $100k. Standard Chartered analysts doubled down on their prediction, revising it up to suggest the benchmark cryptocurrency could reach $250 by end of 2025.

Conclusion

Bitcoin is showing resilience after the declines in June and sell-off in early July 2024 – with German government BTC dump and Mt. Gox jitters. As the price of Bitcoin hovers above $64k amid an uptick from these recent lows, analysts are upbeat about the chances of a bull cycle surge in coming months. Most analysts point to news-driven spikes as the short term outlook for BTC before bulls take over in Q4.

This outlook for BTC suggests the Bitcoin ATMs market could see a fresh spike. Should this expansion materialize, it’s possible that global installations will hit a new record beyond the 2022 peak of 39,541.