While the market as a whole has been in decline since the cryptocurrency boom of late 2017, the number of cryptocurrency ATMs around the globe has continued to increase.
The latest data shows that 5,485 machines have been installed worldwide as of September 1, 2019, compared to just 755 by the same date in 2016.
Bitcoin ATM numbers steadily growing
Thus far in 2019, operators have installed 1,480 Bitcoin ATMs, bumping up the number of such machines from 4,114 to 5,593 – a 36% increase.
A cryptocurrency ATM is similar in function to a traditional ATM. It offers customers the ability to purchase cryptocurrencies on the spot with cash or a credit card.
The goal is to give the public the ability to purchase or sell digital assets without the formality that comes with using an online exchange.
The world’s first Bitcoin ATM was reportedly opened in Vancouver, Canada towards the end of 2013. Just one year later there were already 280 ATMs in operation around the world.
In 2016, the number of cryptocurrency ATMs in operation surpassed 500 for the first time.
Since then, this total has nearly doubled every single year.
There were an estimated 965 ATMs at the beginning of 2017, marking an increase of 93% from the previous year.
By January 1, 2018, this number had risen 114%, with the number of cryptocurrency ATMs reaching a high of 2,064 worldwide.
The number of #Bitcoin ATMs from September 2016 to September 2019 has increased by over 500%
As of now, there are currently 5,457 Bitcoin ATMs globally.
Supply meeting a demand. pic.twitter.com/eIrHwvs2z6
— bitrawr (@bitrawr) September 19, 2019
More cryptocurrency support around the world
Canada is the second most popular country for cryptocurrency ATMs, while in Europe the U.K. and Austria are at the forefront.
Over the course of 2019, the upward trend for the number of machines installed is mainly due to the growth in the U.S., which showed a 51% increase until now.
According to Coin ATM Radar, more ATMs offered support for other cryptocurrencies in 2019 than in previous years.
The latest data shows that over 71% of all machines feature support for other cryptocurrencies apart from Bitcoin.
The second most popular supported cryptocurrency after Bitcoin is Litecoin (LTC) with Ether (ETH) coming close behind.
Thanks to the uptick in market activity, the attention is slowly shifting towards digital currencies.
With a potential bull run around the corner, demand for convenient places to buy and sell cryptocurrencies should once again take off.