CRYPTOCURRENCY UPDATES: THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT. | VERY USEFUL 5 MIN READ.

THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT
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CRYPTOCURRENCY UPDATES: THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT.

WHY THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT? WE WILL DISCUSS THIS IN DETAIL.

  • CRYPTO: IT’S RISKIER TO STAY AWAY
  • ADDITIONAL PAIN FOR CRYPTO, BUT BANK ADOPTION CONTINUES

THE NUMBER OF BITCOIN ATMS INCREASED IN STEP WITH THE GROWTH OF CRYPTOCURRENCIES. THE RATE OF INSTALLATIONS IS SLOWING DOWN NOW THAT BITCOIN & CO. IS SELLING SUBSTANTIALLY BELOW ITS HIGHS FROM LAST YEAR.

AROUND 39,000 BITCOIN ATMS ARE CURRENTLY OPERATIONAL WORLDWIDE, WHICH IS AN INCREASE OF AROUND 4,000 PERCENT SINCE 2017. HOWEVER, AS THE CRYPTOCURRENCY MARKET IMPLODED, INSTALLATION RATES HAVE DRASTICALLY DECREASED SINCE THE START OF 2022.

HIGHER STILL THANKS TO PRIOR BULL MARKET:

BETWEEN JANUARY 2020 AND JANUARY 2022, THE NUMBER OF CRYPTO ATM INSTALLATIONS SKYROCKETED, GROWING FIVEFOLD TO 34,388 DEVICES GLOBALLY. HOWEVER, FEWER THAN 5,000 NEW MACHINES HAVE BEEN ADDED SINCE THE BEGINNING OF THE YEAR, AND 44 MACHINES WERE EVEN REMOVED THIS MONTH. ACCORDING TO US BUSINESS PUBLICATION “FORBES,” THE LAST TIME THE NET FIGURE DECLINED FOR AN ENTIRE MONTH WAS IN NOVEMBER 2015.

ACCORDING TO PATRICK MUELLER OF THE WEBSITE COIN ATM RADAR, “THE CLIENTS ARE LESS ACTIVE, THUS THE OPERATORS GET LESS VOLUME, SO (THEY) DON’T GROW THAT RAPIDLY AND DON’T INSTALL THAT MANY ATMS.” THE NET GROWTH IN ATMS AS OF JULY WAS ONLY 572 AS COMPARED TO THE PEAK OF 2000, WHICH WAS REACHED IN 2021. HOWEVER, THERE WASN’T MUCH NET INCREASE PER MONTH COMPARED TO THE LAST BULL CYCLE, WHICH LASTED FROM 2017 TO 2018. THEREFORE, MUELLER SAYS, “WE ARE STILL 2 (TIMES) HIGHER THAN THE PRIOR BULL CYCLE IN THE CURRENT BEAR CYCLE.

NORTH AMERICA IS AT THE FOREFRONT:

IN OCTOBER 2013, THE FIRST REAL ATM WAS SET UP IN VANCOUVER, CANADA. TODAY, THERE ARE ABOUT 39,000 CRYPTO ATMS OPERATING, WITH 95% OF THEM LOCATED IN NORTH AMERICA. WITH 87.9% OF THE GLOBAL MARKET, THE US HAS BY FAR THE GREATEST PROPORTION, FOLLOWED BY CANADA (6.3%) AND SPAIN (0.6%).

THIS YEAR, A NET TOTAL OF 15 COMPUTERS HAVE BEEN WITHDRAWN FROM EUROPE, COMPARED TO 78 UNITS THAT HAVE BEEN SHUT DOWN IN THE US. ACCORDING TO COIN ATM RADAR, THERE ARE PRESENTLY 150 BITCOIN ATMS IN SWITZERLAND, WITH ZURICH HAVING THE MOST WITH 46 AHEAD OF GENEVA’S 19 AND LAUSANNE’S 17.

THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT
THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT

SCARCITY OF PENETRATION STILL EXISTS:

OVERALL, THERE ARE STILL VERY FEW CRYPTO ATMS INSTALLED IN THE WORLD. THIS MAY BE IN PART DUE TO THE FACT THAT CRYPTOCURRENCY ATMS DO NOT OPERATE LIKE STANDARD ATMS BECAUSE THEY ARE NOT FREQUENTLY RUN BY BANKING ORGANISATIONS AND DO NOT LINK TO BANK ACCOUNTS.

INSTEAD, CONSUMERS MAKE A CASH DEPOSIT THAT IS THEN SENT VIA A CRYPTOCURRENCY QR CODE TO A DIGITAL WALLET. DESPITE THE ADDITION OF NEW CRYPTOCURRENCIES, BITCOIN CONTINUES TO BE THE MOST POPULAR ASSET, SUPPORTED BY OVER 99 PERCENT OF CRYPTOCURRENCY ATMS.

THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT
CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT

CONCLUSION OF THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT:

TO CONCLUDE ON, THE RISK IN CRYPTOCURRENCY PERSISTS. SO THERE IS A STAGNANCE IN THE INSTALLATION OF CRYPTO ATMs.

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CRYPTOCURRENCY UPDATES: THE RATE OF CRYPTOCURRENCY ATM INSTALLATIONS IS STAGNANT. | VERY USEFUL 5 MIN READ.

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