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Bitcoin ATM installations are approaching 2022’s record high, driven by recent surge in BTC price

  • Coin ATM Radar data shows that the global crypto ATMs market is on the cusp of surpassing the peak of 2022.
  • The USA leads with over 32,000 installations, while Canada is second with over 3,000 locations and Australia third with more than 1,120.
  • Users see Bitcoin ATMs as one the easiest ways to buy and sell Bitcoin (BTC).

Bitcoin ATM installations have exploded and are approaching the all-time highs last seen in 2022, with significant growth witnessed in the past three months.

Data shows a significant increase year-to-date across most countries, with the USA still the country with the most Bitcoin ATM installations. Canada has also registered growth and ranks second, with nearly three times as many Bitcoin ATM facilities as third-ranked Australia.

What are Bitcoin ATMs?

Bitcoin ATMs are automated teller machines that allow users to buy and sell bitcoins, or in other words, an easier way to convert cash to crypto or crypto to cash. Most support local currencies, including USD, EUR, GBP, CAD and AUD.

Currently, about 12.3% of bitcoin ATMs support two-way operations, which means they allow users to withdraw cash from their crypto balances in addition to buying cryptocurrency with fiat. 

In order to sell Bitcoin for cash at a Bitcoin ATM, a user would require one of these two-way operation ATMs.

For example, if a crypto investor in Canada used a Bitcoin ATM to withdraw cash the machine would convert their BTC to CAD at the current exchange rate and then pay out Canadian dollars. 

Buying is easier as most machines are designed as one-way. Users need a wallet address or QR code when using bitcoin ATMs to buy or sell BTC and other cryptocurrencies.

Remittances via Bitcoin ATMs are also possible, with one able to send cash-to-cash payments across borders using two Bitcoin ATMs.

Countries with the most bitcoin ATMs

According to Bitcoin ATM tracking site Coin ATM Radar, there are currently 39,038 crypto ATMs worldwide. This number is approaching the peak seen in December 2022 when the total global installations reached a record 39,541.

The US has the most Bitcoin ATM installations globally at 32,404, while Canada is second with 3,039 and Australia third with 1,122. In Europe, Spain leads with 310 locations and Poland follows closely with 285. El Salvador, the first country to adopt Bitcoin as legal tender, has 215 installed ATMs, Hong Kong has 171 and South Africa 22.

Notably, new year-to-date installations have surpassed 2,700, a huge spike compared to the 21% decrease in 2023. The US saw 376 new installations in June alone, while Puerto Rico added 29, Australia 11 and Canada 9.

Coin ATM Radar notes in its industry dynamics report for June that Bitcoin Depot topped as the operator with the most new installations for the month with 182. DigitalMint ranked second with 142 new devices while RockItCoin was third with 68 new installations.

Currently, Bitcoin ATMs are available in 70 countries while companies that manufacture these machines have increased to 43 worldwide.

BTC price surge drives Bitcoin ATM expansion

The increased adoption and use of these facilities are down to their accessibility, ease of use and convenience. Locations include gas stations, shopping malls and stores. Bitcoin ATMs are also popular for their privacy, with users able to exchange fiat for crypto without having to divulge key personal details.

Profitability for operators is another factor as is the issue of many countries having regulatory guidelines that allow for their installation.

However, the expansion witnessed in the crypto ATM market also comes against the backdrop of a surging crypto market. After the bearish outlook in the last quarter of 2022 and 2023, cryptocurrencies have been on the upside in 2024. Recently, Bitcoin reached an all-time high above $73,000 and Ethereum came close to its peak from 2021.

Bitcoin’s price currently hovers around $64,800 as investors eye fresh bullish momentum that could return prices to the $70,000 mark and possibly the all-time high of $73,000.

Spot Bitcoin ETFs, the recent halving that cut block rewards from 6.25 BTC to 3.125 BTC are factors that analysts say may propel market growth in coming months.

With regulatory developments, US election sentiment and the global macro environment also likely to provide a confluence of bullish catalysts, experts say Bitcoin could be on the verge of another major rally. 

Targets for the end of 2024 include a potential march to record highs above $100k. Standard Chartered analysts doubled down on their prediction, revising it up to suggest the benchmark cryptocurrency could reach $250 by end of 2025.

Conclusion

Bitcoin is showing resilience after the declines in June and sell-off in early July 2024 – with German government BTC dump and Mt. Gox jitters. As the price of Bitcoin hovers above $64k amid an uptick from these recent lows, analysts are upbeat about the chances of a bull cycle surge in coming months. Most analysts point to news-driven spikes as the short term outlook for BTC before bulls take over in Q4.

This outlook for BTC suggests the Bitcoin ATMs market could see a fresh spike. Should this expansion materialize, it’s possible that global installations will hit a new record beyond the 2022 peak of 39,541.

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Jersey City mayor to invest pension fund in Bitcoin ETFs

  • Jersey City Mayor Steven Fulop plans to invest pension funds in Bitcoin ETFs.
  • Fulop likens the investment to Wisconsin Pension Fund’s 2% crypto allocation.
  • SEC-approved Bitcoin ETFs see minimal adoption by major financial institutions.

Jersey City Mayor Steven Fulop has announced plans to invest a portion of the city’s pension fund into Bitcoin ETFs.

Fulop, who has held office since 2013, revealed on July 25 that the city’s pension fund is in the process of updating its paperwork with the US Securities and Exchange Commission (SEC) to include this new investment strategy.

Mayor Fulop believes in the potential of blockchain and crypto

In a statement shared on X, Mayor Fulop expressed his long-standing belief in the potential of cryptocurrency and blockchain technology. He did not specify the exact percentage of the fund to be allocated to Bitcoin ETFs but indicated that it would be comparable to the 2% allocation made by the Wisconsin Pension Fund.

Fulop emphasized his confidence in the transformative power of blockchain, describing it as one of the most significant technological innovations since the internet.

Jersey City to join State of Wisconsin in investing in Bitcoin ETFs

Fulop’s move aligns Jersey City with the State of Wisconsin Investment Board, which reported exposure to spot Bitcoin ETFs issued by Grayscale and BlackRock in May. At that time, Wisconsin’s crypto investments amounted to $164 million out of its approximately $156 billion in assets.

The SEC’s approval in January for listing and trading spot Bitcoin ETFs on US exchanges has paved the way for such investments.

However, publicly-run pension funds have been slow to adopt this strategy, with only Wisconsin and Jersey City currently considering crypto ETFs.

Interestingly, Mayor Fulop did not mention any plans to invest in spot Ether ETFs, which began trading in the US on July 23.

Major financial institutions like Wells Fargo and JPMorgan Chase have made only minimal investments in spot Bitcoin ETFs, amounting to less than $1 million combined — a negligible fraction of their vast asset portfolios.

This initiative by Mayor Fulop marks a significant step for Jersey City, potentially setting a precedent for other municipalities to explore similar investments in the burgeoning field of cryptocurrency.

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Donald Trump raises $3 million in crypto in Q2 for his reelection campaign

  • Trump campaign raised $3M in crypto in Q2 2024, led by Winklevoss and Powell donations.
  • Trump 47 Committee reported over $118M raised in crypto and fiat for Q2 2024.
  • Kamala Harris raised $100M in 24 hours after Biden announced he won’t seek reelection.

Former President Donald Trump reelection campaign has garnered $3 million in digital asset donations for the second quarter of 2024 according to the published campaign financial data.

This development marks a notable change from Trump’s previous characterization of Bitcoin as a “scam” in 2021.

The fundraising boost comes as Donald Trump positions himself for another run at the White House, with the Trump 47 Committee reporting substantial contributions from high-profile figures in the cryptocurrency industry.

Winklevoss twins, Kraken co-founder, and former Messari CEO among donors

Leading the list of donors are Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini. The twins collectively pledged $2 million in Bitcoin on June 20.

Kraken co-founder Jesse Powell followed suit with a commitment of $1 million in Ether (ETH) on June 28.

However, Federal Election Commission (FEC) guidelines necessitated partial refunds for donations exceeding the maximum individual contribution limit of $844,600. Consequently, the Winklevoss twins’ donation was partially refunded, and Powell’s contribution exceeded $844,000.

Among other notable contributors, Ryan Selkis, the former CEO of Messari, donated $50,000 in USD Coin. Selkis stepped down from his role on July 19 after a series of controversial tweets.

Stuart Alderoy, Ripple’s chief legal officer, also contributed $300,000 in XRP. While Alderoy has not publicly endorsed Trump, he has been a vocal critic of the Securities and Exchange Commission (SEC) under President Biden’s administration.

In addition to these significant contributions, smaller donations also played a role. These included $500 in Bitcoin from a homemaker in Alabama and various smaller amounts from retirees and self-employed individuals. Michael Belshe, CEO of BitGo, added $50,000 in BTC to the campaign’s coffers.

Donald Trump campaign committee raised $118M in Q2 2024

The Trump 47 Committee reported a total of $118 million raised in both cryptocurrency and fiat for Q2 2024, bringing the campaign’s total fundraising to over $142 million for the year.

The influx of funds comes at a crucial time as Donald Trump seeks to solidify his position within the Republican Party. His campaign has announced his participation in the upcoming Bitcoin Conference in Nashville on July 27, signaling his growing engagement with the crypto community.

Meanwhile, the political landscape saw a major shift as President Joe Biden announced he would not seek reelection, endorsing Vice President Kamala Harris as the presumptive Democratic nominee. Harris’s campaign received a staggering $100 million in donations within 24 hours of Biden’s announcement.

As the 2024 election cycle intensifies, the influence of cryptocurrency donations is becoming increasingly apparent. Notably, the political action committee (PAC) Fairshake, funded by industry giants like Coinbase and Ripple, has raised approximately $169 million since its inception, supporting candidates and targeting anti-crypto politicians.

With Trump’s campaign gaining momentum and Harris emerging as a formidable contender, the role of digital assets in American politics continues to evolve, reflecting broader trends in financial and technological integration.

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Pepe, WIF, Bonk minted millionaires: will Poodlana be next?

  • Meme coins have accumulated over $50 billion in assets. 

  • The most popular tokens are the likes of Dogecoin, Shiba Inu, and Dogwifhat. 

  • Poodlana aims to be the next big thing in the meme coin industry.

Turns out, the easiest way of becoming a millionaire recently has not been investing in private equity or stocks. Instead, many people have turned a few thousands of dollars into millions by investing in meme coins like Pepe, Dogwifhat (WIF), and Bonk. 

Meme coins have soared

Data by CoinGecko shows that meme coins have a combined market cap of over $50 billion, making them bigger than some well-known companies like VICI Properties, Archer Daniels Midland, Lululemon, and Rockwell Automation.

Traditional meme coins like Dogecoin and Shiba Inu lead the market cap ranking followed by newer brands like Pepe, Bonk, Brett, Popcat, Cat in a dogs world, and Mog Coin. 

Pepe has a market cap of over $4.7 billion while WIF has a valuation of over $2.3 billion. Bonk, Brett, and Popcat are valued at more than $769 million.

While the real number of millionaires minted by these tokens is not known, analysts believe that it could be in the thousands. For example, an investor who bought WIF tokens worth $10,000 in January 2024 has turned the figure to over $370,000. 

Similarly, an investor who bought Popcat tokens worth $50,000 in January 2024 would now have $9.3 million since the token has gone parabolic.

These tokens have soared over time because of their popularity among the day trader community. They are mostly cheaper than big coins like Bitcoin and Ethereum, meaning that one can buy more. In Popcat’s case, the token was selling for just $0.0043 earlier this year while Bitcoin was trading at over $45,000. 

Poodlana could be the next big thing

A look at the meme coin industry shows several important themes. The industry started with dog-themed tokens, which are still the dominant players. These tokens include the likes of Dogecoin, Shiba Inu, and Floki.

Cat-themed tokens like Popcat and Cat in a dogs world have also done well. Political tokenslike MAGA and MAGA Hat have also minted millionaires this year.

Poodlana, an upcoming crypto token could be the next big thing in the crypto industry as evidenced by its token sale. The developers have raised over $2.8 million in funds in the past three weeks, making it the fastest-growing meme coin in the industry.

Poodlana aims to disrupt the dog-themed token in three ways. First, unlike Shiba Inu and Floki that are based on Ethereum, it will be a Solana token. Solana has emerged as an important player in the meme coin industry because of its low fees and faster speeds.

Second, Poodlana is based on Poodle, a well-known dog brand in Japan and other Asian countries. Finally, it has positioned itself as a fashion icon, comparing itself with well-known fashion brands like Hermes. 

Poodlana’s approach to its token sale is different from other cryptocurrencies. For one, its token sale will only go on for 30 days and its token will start trading 30 minutes after the token sale ends. Its pre-sale token price will continue rising during this time, meaning that earlier buyers will get more tokens. You can buy the Poodlana token here.

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