There Are Now Over 5,000 Crypto ATMs GloballyBy Andy Hao
The first-ever Bitcoin ATM was installed in Vancouver back in November of 2013. It coincided with an uptick in investor interest during the 2013-2014 bitcoin bubble, and marked the dawn of a new era for those looking to anonymously acquire Bitcoin.
Since then, Bitcoin ATMs, and crypto ATMs more broadly, have popped up at an astonishing pace. Less than one year after the first one was installed in Vancouver, over 100 Bitcoin ATMs had been installed across the world. By March of 2017, 1,000 crypto ATMs had been installed globally, coinciding with the beginning of Bitcoin’s 2017 retail investor bubble.
This was also the first time ATMs began offering multiple cryptocurrencies to customers. The early machines built in 2013 only offered Bitcoin, but over time many began including Ethereum, Bitcoin Cash, and several other top alt-coins as well.
That was only the beginning. Ever since early 2017, crypto ATMs have continued to be installed worldwide by the dozens, and sometimes even hundreds, per month. July 1st 2019 marked the 5,000th crypto ATM installed, one of 190 that had been installed in the prior 30 days.
So how significant is 5,000 crypto ATMs? Well, to put the number into context, the number of regular ATMs is expected to reach 3.5 million globally by next year. So 5,000 crypto ATMs is a single drop in a large bucket.
But the transactions at crypto ATMs tend to be quite a bit bigger than those at fiat ATMs. According to CoinATMRadar (the source for the data in this piece), the average buy and sell sizes for crypto ATMs tend to hover around $175-$250, which is far higher than the expected withdrawal at a fiat ATM.
Overall, crypto ATMs still have a long way to go if they’re ever going to challenge or replace fiat ATMs. But if the 5x growth seen in the last two years continues, there could be well over 100,000 crypto ATMs globally by 2023.