Home News Bitcoin ATM installation slowdown continues for 4th month in 2022

Bitcoin ATM installation slowdown continues for 4th month in 2022

Bitcoin ATM

Since the start of the year, April 2022 has seen a slowdown in the installation of Bitcoin (BTC) ATM for the fourth month in a row.

BTC ATMs are critical to the Bitcoin economy because they allow users to directly retrieve or deposit their Bitcoin holdings against the matching cash reserves.

Net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar

According to Coin ATM Radar, the year 2021 witnessed the largest global increase in BTC ATM installations, with a peak of 2,037 ATMs net change in August. From December’s high of 1,969 ATMs, the crypto ATM net change dropped to 1,687 in January 2022.

Since then, the net change in crypto ATM has been on a declining trend, with three-digit changes in February (970), March (757) and April (739).

Last year’s meteoric rise in crypto ATMs was fueled by countries like El Salvador accepting Bitcoin as legal cash. El Salvador now has the third-largest network of BTC ATMs behind the United States and Canada.

El Salvador has 205 Chivo-branded ATM machines, accounting for 70% of all crypto ATMs in South America, demonstrating the vast unexplored market for cryptocurrency ATMs.

Bitcoin ATM installations slowdown in early 2022, making a first in history

Number of bitcoin machines installed over time. Source: Coin ATM Radar

Main reason behind crypto and bitcoin ATM installations decrease

However, as previously said, the apparent decrease in crypto ATM installations could be due to a slowdown in the number of new jurisdictions prepared to accept and adopt the Bitcoin ecosystem.

Number of cryptocurrency machines installed by manufacturer over time. Source: Coin ATM Radar

With a market share of 41.5%, Genesis Coin retains its long-held supremacy in the crypto ATM sector. General Bytes (21.6%), BitAccess (15.2%), and Coinsource are among the other leading crypto ATM makers (5.3%).

The 14th Bitcoin ATM was erected on April 26 in Mexico’s Senate building, demonstrating the country’s growing interest in the cryptocurrency ecosystem.

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