Yes, the cryptocurrency industry has been growing in size and volume for a long time and it is being adopted worldwide. However, the real adoption of the industry is cemented by the adoption of the asset in the mainstream industry.
To run a successful business, it is important that it is adopted by the consumers and the clients. These are the people who can continue interacting with the technology and benefit from it while enjoying their daily routines.
If an asset finds a place in the daily life of the commoners, it is considered a mainstream success. For an asset to gain worldwide and a common adoption is to gain mainstream attention.
In the case of a financial asset, it is important that it gets adopted by cryptocurrency ATMs. Just as the cryptocurrency industry has kept on growing, the adaption of the industry has gained mainstream traction.
Slight Decline in Crypto ATMs Demand
The latest report pertaining to cryptocurrency ATMs shows that more than 400 cryptocurrency ATMs have been shut down.
It is since the beginning of 2023 that the number of installed ATMs has kept on rising. This year’s reduction has been very significant, which is not a good sign for the future of cryptocurrencies.
Number of ATMs Installed Since the Start of January
The report shows that from the beginning of 2023 until now, a total of 412 cryptocurrency ATM machines have been decommissioned.
It is extremely alarming for the crypto ATM sector because the number of crypto ATMs had continued surging since the beginning of 2014.
The number kept on surging from the start of 2014 and a great surge was recorded in the ATMs in the past couple of years.
Despite the surge in 2021 and 2022, the number has seen a decline in the year 2023. Although it is just the beginning of 2023, still, it is very alarming to see that 412 ATMs have already been shut down.
This is for the first time since 2014 that the ATMs installation trajectory has moved in a downward direction.
The report shows that from December 2022 to January 2022, every month, over 1,000 ATMs for Bitcoin and cryptocurrencies were installed.
Even throughout the bearish market that lingered throughout 2022, the crypto ATMs kept growing in number.
Installation Figures Dropped Starting February 2022
The records show that it was February 2022 when the number of crypto ATM installations started to decline.
The figure that stood at over 1,000 ATMs for installations on a monthly basis literally dropped to less than 600 ATMs in 2022.
The report shows that throughout the year 2022, only 6,100 crypto ATMs had been installed worldwide.
This means that the crypto market condition had a role to play in the adoption of crypto ATMs.
As the crypto market was facing a downtrend, people kept on adopting ATMs but they lost interest in crypto losing its charm. Now that the crypto market has started recovering, the ATM figures may surge as well.
