CEO Forsees Crypto ATM Resurgence with Bitcoin FOMO in Full Swing

Bitcoin ATM installations experienced a decline in 2023, attributed to a bear market exacerbated by the collapse of several crypto firms. However, Brandon Mintz, CEO of Bitcoin Depot, anticipates a resurgence in global installations following the Bitcoin halving, typically accompanied by heightened crypto FOMO. Mintz noted a promising start to 2024 with 1,469 crypto ATMs installed in the first three months, compared to the removal of over 3,000 in the same period in 2023. He predicts an industry-wide rebound with Bitcoin's resurgence, as seen with its recent price surpassing its all-time high twice in March. Mintz believes that during bull markets, especially during the FOMO phase, crypto adoption surges, driving more customers to Bitcoin ATMs. While the number of ATM operators has decreased over the past 18 months, Bitcoin Depot remains optimistic, reporting a 7% increase in full-year revenues for 2023 despite a drop in net income. They have plans to install more ATMs, aiming to capitalise on increased crypto adoption, with the United States leading in the number of Bitcoin ATMs. Mintz remains unfazed by the approval of spot Bitcoin ETFs, suggesting that their customer base, primarily cash-oriented and underbanked individuals, differs from ETF buyers. Instead, he believes that increased Bitcoin adoption, driven by ETFs, could lead to more ATM usage, benefiting the industry overall.