Bitcoin Adoption Grows, Crypto ATM Numbers Decline

More than 6,000 vendors worldwide now accept Bitcoin, signaling a substantial rise in real-world adoption of cryptocurrency.

In 2023, the number of vendors accepting Bitcoin in person has tripled, showing a significant increase in Bitcoin adoption.

📅 Last updated: January 8, 2024 03:27 EST
⏱️ Read time: 1 min

Bitcoin ATM Source: DALL·E

The world of cryptocurrency is evolving rapidly, and the adoption of Bitcoin is on the rise. Over 6,000 in-person vendors worldwide now accept Bitcoin as a form of payment. The current count stands at 6,332 merchants, compared to just 2,000 in January 2023, showing a significant increase in the past year.

Bitcoin Adoption Source: BTC Map

The statistics reveal that out of the total number of businesses accepting Bitcoin, 5,535 accept on-chain transactions, 5,107 accept Lightning payments, and 1,050 support contactless payments.

Bitcoin ATMs Experience Global Decline

While the number of in-person vendors accepting Bitcoin has seen substantial growth, there is a contrasting trend in the crypto ATM space. For the first time in a decade, there has been a decrease in the number of crypto ATMs globally. According to Coin ATM Radar, the total count dropped by 11%, from 37,827 at the start of 2023 to 33,622 at the beginning of 2024.

Crypto ATM Source: Coin ATM Radar

The decline in crypto ATMs was particularly evident in the United States, which is home to 82% of the world’s crypto ATMs. The number of ATMs in the U.S. decreased from 32,672 to 27,621 over the course of 2023. However, some regions, such as the European Union, Canada, Australia, Spain, and Poland, saw a slight increase in the number of crypto ATM installations.

Spot ETFs Await SEC’s Decision

In addition to the growing number of physical stores and ATMs accepting Bitcoin, the U.S. Securities and Exchange Commission (SEC) is also considering the approval of spot Bitcoin exchange-traded funds (ETFs). This signifies the gradual embrace of cryptocurrency within traditional finance.

The crypto community is eagerly awaiting the SEC’s decision on several applications for spot Bitcoin ETFs, with the deadline set for Jan. 10. The approval of these ETFs will set a precedent for how digital assets are perceived and traded within the finance industry.

For a spot Bitcoin ETF to begin trading, the SEC needs to sanction the 19b-4 filings by exchanges intending to list these ETFs, followed by the approval of S-1 registration applications from the issuers. If both requisites are approved, these ETFs could potentially start trading as early as Jan. 11, sparking further interest and investment in the cryptocurrency market.

🤔 Q&A Section:

Q: Why is the number of in-person vendors accepting Bitcoin increasing? A: The growing number of merchants accepting Bitcoin is a result of increased acceptance and awareness of cryptocurrency as a legitimate form of payment. As more individuals and businesses see the benefits of Bitcoin, they are embracing it as a means of exchange.

Q: Why are crypto ATMs declining while in-person vendors are growing? A: The decline in crypto ATMs could be attributed to several factors, including the increased availability of online trading platforms and mobile wallets, which provide convenient and direct access to cryptocurrencies. Additionally, as more physical stores and businesses accept Bitcoin, there might be less demand for crypto ATMs.

Q: What impact will the approval of spot Bitcoin ETFs have on the market? A: The approval of spot Bitcoin ETFs would likely attract more traditional investors to the cryptocurrency market. This would potentially increase liquidity, market stability, and overall adoption of cryptocurrencies as an investment asset class.

Future Outlook and Investment Recommendations

While the growth in the acceptance of Bitcoin by in-person vendors is a positive sign, the decline in the number of crypto ATMs reveals a shifting trend. This indicates that more individuals are opting for online platforms and mobile wallets to handle their cryptocurrency transactions.

However, the gradual acceptance of spot Bitcoin ETFs by the SEC could open doors for mainstream investors and institutions to participate in the cryptocurrency market, potentially driving increased demand and market growth.

Investors should keep a close eye on the SEC’s decision and monitor the potential impact on the market. While cryptocurrencies can offer significant opportunities for returns, they also come with inherent risks. Diversification, thorough research, and staying informed are crucial for making informed investment decisions.

🔗 Reference Links: – Grayscale Files Amended ETF Application Following Silbert’s ResignationBTC Map2024 New Year’s Resolutions for Crypto AdvocatesNew Year Rings in an 11% Shrinkage of Installed Bitcoin ATMsBitcoin Price Surges to $45,000 Pending SEC’s Bitcoin ETF Approval


That’s it for today’s insightful look into the world of cryptocurrency adoption and the changing landscape of crypto ATMs. If you found this article helpful, feel free to share it with your friends on social media. And as always, stay informed and stay ahead in the exciting world of blockchain technology! 😄✌️

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