The cryptocurrency market has been experiencing a significant downturn, also known as “crypto winter,” and operators of bitcoin ATMs are feeling the effects.
This comes after Coin Cloud, a top-5 bitcoin ATM operator, filed for Chapter 11 bankruptcy in Nevada, just a few steps behind its lender, Genesis Global. There have also been dwindling numbers after approximately 63,000 were recorded in the United States as of September 2022, according to howmanybitcoinatms.com, but it is no longer up to that.
A recent Axios report highlights the challenges that these operators are facing and how they are adapting to the current market conditions. Bitcoin ATM operators are struggling to make a profit due to the volatility of the cryptocurrency market, with some even closing down.
To stay afloat, some operators are turning to alternative cryptocurrencies, while others are expanding their offerings to include bill payment and money transfer services. Despite the difficulties, some experts believe that the crypto winter will end, and the market will recover.
Meanwhile, bitcoin ATM operators must navigate difficult market conditions and find ways to adapt to a changing landscape. The crypto winter is posing new challenges for bitcoin ATM operators, who are dealing with the market’s decline. However, with innovation and adaptation, these operators will be able to weather the storm and be ready for success when the market recovers.
The sources for this piece include an article in Axios.