Bitcoin ATMs will double after halving


Brandon Mintz, CEO of Bitcoin (BTC) ATM operator Bitcoin Depot, predicts a global increase in Bitcoin ATM installations. According to him, this will happen after the bitcoin halving, which is expected to take place on April 22.

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Crypto machines on the rise due to FOMO

Mintz anticipates an increase in demand for Bitcoin automated teller machines (ATMs) in the period following the Bitcoin halving. This is an event where the amount of bitcoins produced in a day is halved. This could potentially increase demand sharply.

Past history shows that crypto FOMO (Fear Of Missing Out) usually increases during this period. FOMO is the fear of ‘missing the boat’ when it comes to crypto price increases. This often causes people to invest somewhat recklessly.

Crypto ATMs saw an annual decline in 2023 for the first time in a decade. Most likely, this was the result of the bear market (poor price performance) that was reinforced by the bankruptcy of several crypto companies. The coming period and Mintz’s statement, on the other hand, provide a positive signal for the number of crypto machines.

Turning point in the number of bitcoin and other crypto machines

After the first annual decline, a turning point appears to have occurred. So far, 2024 is looking positive, with over 2,000 crypto ATMs installed according to data from CoinATMRadar.

This growth is expected to increase further, Mintz said. In previous bull markets, Mintz noted that “later in the cycle, especially that period of FOMO that starts to take place,” he continues “the adoption rate is very useful because as more people buy Bitcoin, some of that is likely going to Bitcoin -ATMs”. Additionally, there has historically been an increase in Bitcoin ATMs around the halving, although this does not guarantee the future.

The previous declines over the past 18 months could have been due to several reasons. According to Mintz, the decline can be attributed to the collapse of the cryptocurrency exchange FTX in November 2022. The bankruptcy of Coin Cloud, a major operator with 5,000 ATMs, also contributed to the loss.

FOMO among ATM hackers

Not only does the number of ATMs seem to be increasing, but the number of hacked ATMs is also growing, causing unsuspecting users to lose significant sums of money. Last year, General Bytes, a manufacturer of Bitcoin ATMs, was hit by a major breach involving $1.5 million worth of BTC was stolen from some of its ATM operators.

In August 2022, General Bytes also reported a hack in which Bitcoins deposited at ATMs were stolen, resulting in a loss of approximately $16,000.

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The article is in Dutch

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