Less and less BTC around the corner – Until last January, there was doubt about the growth in the number ofBitcoin ATM in the world. Slowing of the passenger increase or real ground movement ? It was difficult to interpret the numbers. This month, the trend is confirmed and the number of installations of bitcoin distributors drastically decreases. Worse, some are even uninstalled! The crypto winter inevitably showers the enthusiasm of professionals in the sector who, as we will see, prefer to save on what already exists rather than continuing their race forward.
After the slowdown in the rise, the fall sets in
The first thing that we notice on the graph below is that since the first readings, the number of distributors installed has always been positive until the month of September 2022 Or 396 ATM Bitcoin have been removed from the market. The last quarter of last year had somewhat caught up with this anomaly, but since the beginning of 2023, the trend has been clear.
In the months of January, February and early March, these are 1470 ATMs that have disappeared from circulation. If we take a step back and look at the total number of machines in service on the second graph below, we can however be reassured. There is still a high number of such installations in the world and the decline is only 3.5%.
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Bitcoin ATM giants are reorganizing to weather the crypto winter
However, the decrease is real and the reasons are rather simple to understand. Between the drop in prices, the media bankruptcy of FTX and geopolitical tensions, the time is clearly not for all-out investment! The giants of the sector even took advantage of this period to restructure and try toto optimise their investments.
Therefore Bitcoin Deposit acquired a majority stake in another major player in the sector, BitAccess. The idea is to install the software developed by BitAccess in the machines of Bitcoin Depot to avoid paying a license to someone else. By converting his 7,000 machines, the company believes it can save 3 million dollars per year.
To better install other ATM in spring ? The company did not disclose its plans for the coming months. But there is no doubt that the behavior of Bitcoin will play a major role in the strategy of these operators. That said, regulation could also have an impact. And if she leans on the side of the United Kingdom and a total ban unregistered ATMsthe decline could be confirmed throughout 2023.
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