Bitcoin ATM Installations Witness Biggest Drop In History, Despite Bull Run In BTC Prices
Portfolio Pulse from Khyathi Dalal
The number of Bitcoin ATMs installed worldwide dropped to a two-year low in October 2023, marking the biggest drop in crypto history. Despite Bitcoin levels breaching the $35,000 mark and optimism surrounding the spot Bitcoin ETF approval, uncertainties around regulations and crypto scams brought the number of ATMs installed down to its 2021 level. Bitcoin Depot (NASDAQ:BTM) CEO Brandon Mintz attributes this declining trend to operators turning off unprofitable ATMs or going out of business. However, he sees this as an opportunity for Bitcoin Depot to increase market share through acquisitions and organic kiosk growth.
November 05, 2023 | 5:57 pm
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Bitcoin Depot may benefit from the declining trend in Bitcoin ATM installations as it could increase its market share through acquisitions and organic kiosk growth.
The decline in Bitcoin ATM installations is due to operators turning off unprofitable ATMs or going out of business. This creates an opportunity for Bitcoin Depot to increase its market share, which could potentially boost its stock price.
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