Surprisingly, the global decrease in cryptocurrency ATMs came to an end in May 2023, with a notable surge in installations. The first four months of the year saw a steady decline. However, there was a resurgence in May, with around 1400 net crypto ATMs globally.
Crypto ATMs provide as a physical gateway for individuals to swap traditional cash for cryptocurrency such as Bitcoin. While they do not directly contribute to the expansion of blockchain or the upcoming Web3 and DeFi economic systems, they do play a significant role in facilitating the acceptance of digital assets.
The number of crypto ATMs in large economies such as the United States fell in the early months of 2023. Countries such as Australia and Spain, on the other hand, resisted the trend and witnessed a rise.
Australia is emerging as a prominent player in the crypto industry. They have made significant crypto-related initiatives, and they have also placed 233 crypto ATMs this year. This places it third in the world.
The United States, which is known for being the first to adopt new technologies, has the most crypto ATMs. They account for 84% of all ATMs in the globe, followed by Canada and Australia. You can use Bitcoin ATM Map to find some of them near you.
💥💰 Crypto ATMs defy global decline, record a steep increase in May 2023. #Bitcoin
— Walletor (@walletorapp) June 3, 2023
This is highly surprising given the current market conditions. Bitcoin (BTC) is the most prominent cryptocurrency, even as Web3 continues to shape the future of money and technology. Bitcoin is one of the oldest, most well-known, and frequently used as an entry point for newcomers.
It is also worth noting that crypto ATMs simply assist newcomers in better understanding and utilizing cryptocurrency. They act as a bridge between fiat money and the digital domain, assisting users in their navigation. It has no effect on Bitcoin’s fundamental elements, such as the Proof-of-Work (PoW) consensus method or anything else.
In conclusion, as the crypto sector evolves at a rapid rate, it is critical to keep an eye on these trends. Even minor events might have a significant impact on a cryptocurrency’s destiny. The surprising increase in cryptocurrency ATMs during May indicates a reversal in the global trend of dropping market values.
These crypto ATMs may not have a direct impact on the blockchain, but they do play an important role in easing new users’ entry into the industry. Let’s hope that there will be many more crypto ATMs around the world in the future.