As per a notable figure in the industry, the global Bitcoin ATM network is gearing up for considerable growth, largely due to the upcoming Bitcoin halving event. This positive outlook follows a decline in crypto ATM installations in the previous year, impacted by a challenging market environment and business failures within the cryptocurrency sector.

The CEO of Bitcoin Depot, Brandon Mintz, reported a promising start to 2024, with a substantial number of new crypto ATMs installed in the first quarter. This surge in installations contrasts with the removal of numerous units in the past year. Mintz remains optimistic about the industry's future growth, buoyed by Bitcoin's strong performance and potential for further adoption post-halving.

Historical data indicates that Bitcoin halving events usually lead to significant price increases and heightened investor interest. Despite an increase in ATM installations, the industry has experienced a reduction in operators over the past 18 months due to various challenges, including market downturns and company failures like Coin Cloud.

Bitcoin Depot plans to expand its ATM network in the United States by installing hundreds of new machines in convenience stores across 24 states. With the U.S. hosting the majority of the world's crypto ATMs, recent regulatory approvals, such as spot Bitcoin ETFs, are seen as potential growth drivers for the industry.

Mintz emphasized the importance of Bitcoin ATMs for individuals who are underbanked or prefer cash transactions, distinguishing them from ETF investors. He anticipates that any positive effects of ETFs on Bitcoin's price and adoption will likely lead to increased Bitcoin ATM usage, benefiting the industry as a whole.

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