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

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

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Bitcoin (BTC) has hit several milestones in the last six months, including widespread adoption in El Salvador, a new all-time high of $69,000, and a network hash rate that is higher than ever. However, compared to the previous year, global Bitcoin ATM installations in the first two months have slowed for the first time in history.

According to data from Coin ATM Radar, the number of Bitcoin ATMs installed in the first two months of the year has always climbed year over year. However, the pattern will be broken this year.

Overall Bitcoin ATM installations. Source: Coin ATM Radar

In just the first two months of 2022, a total of 1,817 crypto ATMs were deployed around the world. Last year, 2,435 crypto ATMs were installed within the same time period, which is 618 more than this year.

Only 760 ATMs installed in this era in 2020, outnumbering the 250 ATMs installed in 2019.

The absence of participation from emerging jurisdictions is one of the key causes of the current slowdown. With 1,689 new ATMs installed in 2022, the United States alone accounted for 93% of total global crypto ATM installations.

Global crypto ATM distribution. Source: Coin ATM Radar

In Europe, however, the number of Bitcoin ATMs has decreased by one in the first two months, to a total of 1,397. With 34,284 crypto ATMs installed as of this writing, North America accounts for over 95% of total crypto ATM installations.

World map of Bitcoin ATMs. Source: Coin ATM Radar

Crypto ATM deployments expected to increase

At this time, there are 36,067 ATMs in operation. Despite a sluggish start to the year, crypto ATM deployments anticipated to increase. With El Salvador planning to deploy 1,500 Bitcoin ATMs.

As existing crypto-friendly countries reach saturation in terms of installing new crypto and Bitcoin ATMs. Unless other governments step up their efforts to promote crypto acceptance, ATM installations will struggle to maintain an upward trajectory.

Tourism in El Salvador up 30% since Bitcoin adoption

A dramatic increase in tourism is one of the first beneficial outcomes of Bitcoin acceptance in El Salvador. Morena Valdez, the Salvadoran Tourism Minister, stated on February 22 that the country’s tourism industry had grown by more than 30%. Since the implementation of the Bitcoin law in September 2021.

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