As UK and Austria see a decline in the number of crypto ATMs, the rest of Europe has shown only a modest increase
The latest data from Coin ATM Radar shows a strong 57.5% increase in the number of cryptocurrency ATMs in the last year with over 16,835 machines worldwide. The addition of 9,683 new machines in the past year is a significant improvement compared to 7,152 in the year before. This data comes to light as the number of new Bitcoin ATMs installed worldwide is inching towards 10,000, a milestone the crypto community has been looking forward to since the beginning of March.
Despite often being overshadowed by crypto exchanges, Bitcoin ATMs offer a simple and convenient solution for users to buy and sell cryptocurrency using fiat money like USD or Euro.
The ATMs are strategically placed in casinos, liquor stores, grocery stores and other places that are frequented everyday to help people get comfortable with the idea of crypto. Bitcoin ATMs are also a preferred option for users who want to transact crypto anonymously without having to link their bank details. It also allows those with no accounts to buy and sell cryptocurrencies.
Last year, Bitcoin ATMs reported a striking year-on-year increase of around 80%. The US holds the vast majority of machines with 81% of the 16,835 machines globally being installed in the country. The growth within the US has been unparalleled since 1 March, 2020 with a 177% increase in the number of Bitcoin ATMs. The country has grown from 4,945 machines to 13,699 as of March 10, 2021.
Canada clocks 1,268 machines and is the country with the next-highest number of Bitcoin ATMs, accounting for about 7.5% of the machines worldwide.
Austria and the UK – two of the top countries being tracked by Coin ATM Radar show a jagged trend in terms of Bitcoin ATM installations in the last two years. The number of machines in Austria peaked in May 2019 at 266 and has since fallen over 42% to 153 machines.
The decline is less stark in the UK with the high point being marked in February 2020 at 283 machines compared to 199 machines, a 30% decrease, according to the latest figures. Figures for Europe show a modest increase from a total of 1,233 machines back in March 2020 to 1,273 as of now.
Coin ATM Radar’s tracker, which tracks crypto installation speeds, indicates that about 34.6 new ATMs are being installed each day. However, about 77.6% of these machines are buy-only with just about 22.4% of ATMs offering both buy and sell options.