Recent reports indicate a dramatic decline in installations over the previous few months as the number of Bitcoin ATMs worldwide has reached a two-year low.
AltIndex data show that the total count has decreased by 7,000, or 17%, to 32,500 as of this writing. Following a slight gain from 34,500 at the end of last year, there has been a decline.
Considering that there are already about 26,700 machines operating, the United States, which has the most Bitcoin ATMs, saw the biggest fall.
Despite this decline, the United States still has around 18 times as many ATMs as the entire continent of Europe, which has only about 1,500 machines.
This reduction is attributed by AltIndex to worries about the possible illicit use of Bitcoin ATMs. One illustration given is how con artists use these devices to advertise things on websites like eBay and encourage customers to use an ATM to transfer money into a particular Bitcoin wallet before disappearing.
The situation is clarified by Brandon Mintz, the CEO and founder of Bitcoin Depot (BTM), a company that operates Bitcoin ATMs and is publicly traded. Mintz asserts that a portion of operators are discontinuing operations or closing down unproductive ATM locations, which hastens the total decline.
Mintz, on the other hand, sees this as a chance for expansion, saying, “This creates an opportunity for us that allows us to further increase market share through acquisitions and organic kiosk growth in additional retail locations.”
The changing landscape of Bitcoin ATMs points to a complex interaction of variables, from operator operational difficulties to worries over potential misuse.
It is to be seen how the industry will adjust to these developments and whether new opportunities will arise in the developing digital financial environment for Bitcoin ATMs.
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This post first appeared on Bitcoin Supply Movement: 3.8% Moved At $30.2K, Opportunity For “Buying, please read the originial post: here
