The CEO of a prominent Bitcoin ATM operator predicts a surge in global installations of Bitcoin ATMs following the Bitcoin halving, a time when cryptocurrency FOMO (fear of missing out) typically intensifies.

In 2023, crypto ATM installations experienced their first annual decline in a decade, attributed to a bear market exacerbated by the collapse of several cryptocurrency firms. However, Brandon Mintz, CEO of Bitcoin Depot, observes a robust start to 2024, with 1,469 crypto ATMs installed in the first three months, compared to over 3,000 removed during the same period in 2023, according to CoinATMRadar data.

Mintz anticipates a widespread rebound in ATM installations as Bitcoin's resurgence gains momentum, with the cryptocurrency surpassing its all-time high twice in March. He notes that during previous bull markets, crypto adoption surged later in the cycle, particularly during the FOMO phase, attracting more customers to Bitcoin ATMs.

However, Mintz suggests that it is still early in the cycle, with the Bitcoin halving event scheduled for late April, when mining rewards are halved. Historically, the uptick in adoption has occurred after the halving, coinciding with a significant price surge and the onset of the FOMO phase.

Despite the recent increase in ATM installations, Mintz reveals a decline in the number of ATM operators over the past 18 months, citing the bankruptcy of Coin Cloud, a major operator with 5,000 ATMs, in February 2023. He attributes this decline to the collapse of crypto exchange FTX in November 2022, which impacted the entire crypto market.

Bitcoin Depot's financial results for the fourth quarter and full year of 2023 show a 7% year-on-year increase in revenues to $689 million, although net income declined by 54% to $1.6 million. The company plans to install 900 ATMs in the first quarter of 2024 and has further plans for 940 ATMs in convenience stores across 24 states in the United States.

Despite the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States in January, Mintz remains unfazed about their impact on Bitcoin ATMs. He believes that Bitcoin ATM users, primarily cash-oriented or underbanked individuals, differ significantly from ETF buyers, who are typically high-income individuals with brokerage accounts. Mintz suggests that ETFs driving Bitcoin's price higher could lead to increased Bitcoin ATM usage as adoption grows, ultimately benefiting the industry.