- January 10, 2024
- Posted by: [email protected]
- Category:
The landscape of cryptocurrency adoption is rapidly evolving, with a notable surge in the acceptance of Bitcoin by over 6,000 in-person vendors worldwide. According to BTC Map, the current tally of merchants embracing Bitcoin has surpassed 6,000, reaching 6,332 as of January 8. The active location count has tripled over the past year, escalating from 2,000 in January 2023.
Breaking down the statistics, it is revealed that 5,535 businesses are accepting on-chain transactions, while 5,107 merchants have adopted Lightning payments. Additionally, 1,050 vendors are now equipped to facilitate contactless Bitcoin transactions.
While the in-person adoption of Bitcoin witnessed an impressive upswing, an intriguing counter-trend unfolded in the realm of crypto ATMs. For the first time in a decade, the global count of crypto ATMs experienced a decline in 2023.
Data from Coin ATM Radar highlights an 11% reduction in the total number of crypto ATMs, dropping from 37,827 at the beginning of 2023 to 33,622 in early 2024. This decline was particularly prominent in the United States, which houses 82% of the world’s crypto ATMs. The U.S. observed a decrease from 32,672 to 27,621 crypto ATMs over the course of 2023.
Conversely, certain regions displayed a different scenario. The European Union saw a slight increase, with the number of crypto ATMs rising from 1,538 to 1,548. Similarly, countries like Canada, Australia, Spain, and Poland experienced an uptick in the installation of crypto ATMs.
Beyond the physical expansion of Bitcoin acceptance through in-person vendors and ATMs, the pending decision by the U.S. Securities and Exchange Commission (SEC) on spot Bitcoin exchange-traded funds (ETFs) underscores the traditional finance sector’s gradual integration of cryptocurrencies.
The anticipation within the crypto community is palpable as the SEC approaches its January 10 deadline to rule on multiple applications for spot Bitcoin ETFs. The approval of these ETFs would not only set a precedent for the perception and trading of digital assets within the finance industry but also signify a significant milestone in the broader acceptance of cryptocurrencies.
For a spot Bitcoin ETF to commence trading, the SEC must first endorse the 19b-4 filings by exchanges seeking to list these ETFs, followed by the approval of S-1 registration applications from the issuers. If both requirements receive SEC approval, these ETFs could potentially start trading as early as January 11, marking a pivotal moment for the cryptocurrency market.
