The crypto ATM (Crypto ATM) industry could soon see a significant revival, according to predictions from Brandon Mintz, CEO of Bitcoin Depot. With the expected rise of Bitcoin FOMO and the impending Bitcoin halving, a new wave of Crypto ATM installations appears to be on the horizon.
Crypto ATM: Brandon Mintz anticipates a revival
Despite Crypto ATM installations declining in 2023, Brandon Mintz remains optimistic about the future of the industry. In the first quarter of 2024, there is indeed a notable increase in installations: 1,469 new ATMs installedaccording to data from CoinATMRadar. This significant recovery contrasts with the decrease seen around the same time last year, when more than 3,000 ATMs were removed.
According to Mintz, this positive trend is a promising sign for the crypto ATM industry. This growth in fact constitutes a potential indicator of renewed interest for cryptocurrency cash transactions.
An Acceleration of Crypto ATM Installations During the FOMO Period
Generally the FOMO period often accompanies Bitcoin halving or Bitcoin halving. Mintz explains:
“In the past, the rise we've seen has happened mainly after the halving. After the halving, this is the time when the price skyrockets. And that’s when the FOMO phase begins. »
This historical trend suggests that the rise in the price of Bitcoin (BTC) often attracts new investors, which could boost demand for Crypto ATM services.
Despite the optimistic outlook, however, Mintz acknowledges that the industry has encountered obstacles. We refer in particular to the bankruptcy of several crypto companies (notably Coin Cloud in February 2023) which has had a significant impact on the market.
What are the forecasts for the industry?
Bitcoin Depot plans toinstall 940 new ATMs Crypto ATM in convenience stores in 24 states in the United States in the first quarter of 2024. At the same time, other ATM operators continue to play a major role in the Crypto ATM landscape. This is particularly the case for Coinflip and Bitstop.
Despite past challenges, the crypto ATM industry seems to be heading towards a new phase of growth.
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