Bitcoin (BTC) ATMs serve as a physical gateway for people to exchange their fiat currency for crypto. The most common way to add bitcoin to your wallet is through an online crypto exchange such as Bitvavo. Nevertheless, the Bitcoin ATMs offer investors the opportunity to buy the decentralized currency in a tangible way.
Since the launch of the very first Bitcoin ATM in 2013, the number of machines has increased every month, but recently there has been a real downward trend. Last month, however, the historic series of declines came to an end.
Bitcoin ATMs in a Historic Downtrend
Last year, the poor performance of the bitcoin price was clearly reflected in the numbers regarding the development of the number of Bitcoin ATMs. Indeed, in 2021, during the booming bull market, a total of 20,300 new devices were installed, and last year only 4,272 new ATMs were added to the total.
In addition, there was also a first as the month of September saw a net decrease in the number of Bitcoin ATMs for the first time in Bitcoin history. At the end of the month, 399 fewer machines were counted worldwide.
While bitcoin’s price has pulled convincingly out of its downtrend this year, ATMs have been sucked into a deeper trough. Out data from CoinATMRadar shows that the net number of ATMs decreased by 5,850 in the first four months of 2023. The month of March also saw the largest net change ever recorded with a net decrease of 3,627.
Back to the old rhythm?
Last month, the total number of ATMs increased again for the first time since December. In total, the month ended with no fewer than 1,397 machines more than at the start. It can therefore be called a very convincing increase since such a large increase has not been registered since January 2022.
It is, of course, not yet possible to say whether this will completely leave the declining trend behind. Nevertheless, it is and remains a good growth.