In a notable shift within the cryptocurrency sector, the global market for cryptocurrency ATMs significantly increased in 2024, nearing the record high established in 2022.
This year, installations have surged, reaching 38,279 units, close to the December 2022 peak of 39,541 units. Despite a slight decrease in June, cumulative installations for the year’s first half indicate a robust digital currency market infrastructure expansion.
Market recovery and consumer demand
Throughout 2024, over 2,564 cryptocurrency ATMs have been added globally, marking a rebound from the previous year when installations fell by 2,861. This resurgence points to a recovery trend in the cryptocurrency market and suggests a growing consumer demand for accessible cryptocurrency transactions.
Coin ATM Radar’s recent data reveals a steady increase in ATM installations, with 377 new units in June alone. This movement is bolstered by comments from industry leaders like Ben Brockliss, Vice President of Australia and New Zealand at CoinFlip, who highlighted a notable rise in consumer interest in convenient and secure access to cryptocurrencies.
Leading operators and global distribution
The expansion of cryptocurrency ATMs is driven mainly by major operators such as Coinflip, Athena Bitcoin, and Bitcoin Depot, which manage thousands of machines across various locations. Coinflip leads with 5,057 ATMs, while Athena and Bitcoin Depot operate 2,756 and 7,543 ATMs, respectively.
The United States remains the dominant host for these machines, claiming over 80% of the global total. However, significant growth has also been observed in other regions, particularly in Australia, which saw its numbers swell to 1,107 ATMs over two years. Canada maintains a steady count with 7.7% of the global total.
International expansion and future outlook
Countries like Australia, Spain, Poland, and El Salvador are seeing rapid increases in cryptocurrency ATM installations. Australia added 41 new machines in May alone, potentially outpacing Europe’s 1,584 ATMs. Other countries such as Germany and Hong Kong are also contributing to the global increase, each adding several new ATMs in recent months. As the year progresses, approximately 1,262 more installations are needed to surpass the 2022 record, indicating a potential milestone year for the cryptocurrency ATM market.
This trend underscores a broader acceptance and integration of digital currencies into everyday financial practices, reflecting increased consumer confidence and the maturing of the cryptocurrency market. As these machines become more commonplace, they offer a tangible connection between digital currency and traditional banking environments, facilitating easier transactions for users worldwide.