The world of cryptocurrency is rapidly evolving, with significant changes in how it is being used and accepted. One notable trend is the increasing number of in-person vendors who now accept Bitcoin. According to BTC Map, there are currently over 6,000 merchants worldwide who accept Bitcoin as a form of payment, a significant increase from just 2,000 in January 2023. This demonstrates the growing acceptance and adoption of cryptocurrencies.
“The statistics demonstrated that there are 5,535 businesses accepting on-chain transactions, 5,107 merchants accepting Lightning payments, and 1,050 vendors supporting contactless.” – BTC Map
While the acceptance of Bitcoin by in-person vendors is on the rise, there is a contrasting trend in the crypto ATMs market. 2023 marked the first time in a decade that there was a decrease in the number of crypto ATMs globally. According to Coin ATM Radar, the total count dropped by 11%, from 37,827 at the start of 2023 to 33,622 at the beginning of 2024. This decline was particularly evident in the United States, which is home to 82% of the world’s crypto ATMs.
“Over the course of 2023, the U.S. saw its number of crypto ATMs fall from 32,672 to 27,621.” – Coin ATM Radar
However, the decline in crypto ATMs was not observed in all regions. The European Union, for example, experienced a slight increase in the number of crypto ATMs, rising from 1,538 to 1,548. Similarly, countries like Canada, Australia, Spain, and Poland also saw a rise in crypto ATM installations.
In addition to the physical acceptance of Bitcoin, there are significant developments in the regulatory landscape surrounding cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) is currently reviewing applications for spot Bitcoin exchange-traded funds (ETFs), which marks a significant step in the integration of digital assets into traditional finance. The decision on these applications is expected to be made by the SEC on January 10.
“The anticipation within the crypto community is palpable as the SEC nears its deadline of Jan. 10 to rule on several applications for spot Bitcoin ETFs.” – Anonymous
If approved, these spot Bitcoin ETFs will establish a precedent for the perception and trading of digital assets within the finance industry. To commence trading, the SEC needs to sanction the 19b-4 filings made by exchanges looking to list these ETFs and approve the S-1 registration applications from the issuers. The potential approval of these requisites would allow the ETFs to begin trading as early as January 11, the next business day after the decision announcement.
