Global Bitcoin ATM numbers saw a significant drop in May, ending a ten-month growth streak. What does that mean for Bitcoin wide adoption? Or does it actually matter at all?
The decline was mainly driven by the U.S., where over 300 ATMs were removed. This represents a substantial portion of the global market, highlighting regulatory pressures and security concerns.
Coin ATM Radar reported the total number of ATMs fell from 37,902 to 37,621. Canada's count also dipped, losing 28 machines. The decrease is partly due to law enforcement targeting ATMs used for illicit activities, such as scams and extortion.
The reduction was somewhat offset by new installations in Australia, Switzerland, and Europe. Australia, now the third-largest market, added several machines, bringing its total to over 1,000.
Bitcoin Depot, the largest U.S. operator, maintained steady earnings despite the decline, emphasizing that most users rely on ATMs for legitimate transactions. This drop shouldn't be seen as a bearish signal for Bitcoin itself but as a reflection of external regulatory challenges.
Also worth mentioning that many analysts think Bitcoin ATMs should not be taken into account at all when talking about the future of the leading cryptocurrency. Most of the apt Bitcoin users don’t care much about the opportunity of cashing out BTC directly.