Contradicting the growing global Bitcoin (BTC) adoption rate, physical ATMs dedicated to fiat-crypto conversions are on the decline. In March alone, 3,627 crypto ATMs were removed from the network, bringing down the total ATMs to 33,727.

In the decade since the first Bitcoin ATM was launched on Oct. 29, 2013, the net change of cryptocurrency machines installed and removed monthly remained positive most times — implying that total crypto ATMs worldwide were steadily increasing. However, the trend is reversing, according to data from Coin ATM Radar.

As shown above, net crypto ATM installations declined for four months between September 2022 and March 2023. However, with 3,627 crypto ATMs going down last month, March 2023 stands out as the month with the largest monthly decline.

The chart above shows the number of Bitcoin machines installed over time, revealing the sudden drop in the total crypto ATMs. The significance of this reduction seems enormous, considering that the highest number of ATMs installed in a month was 2,048 — back in January 2021.

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Author: Arijit Sarkar

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