The evident reduction in the installation of crypto ATMs could result
from the regulators’ hesitance to adopt the Bitcoin ecosystem.
April 2022 marked the fourth consecutive month of the slowdown in
the installation of Bitcoin ( BTC) ATMs, which began at the start of the
year.
Bitcoin ATMs serve a crucial purpose for the Bitcoin economy, helping
users physically retrieve or deposit holdings against the corresponding
cash reserves.
Based on data provided by Coin ATM Radar, the year 2021 saw the
highest global increase in Bitcoin ATM installations, with August
witnessing a peak net change of 2,037 ATMs. In January 2022, the net
change fell to 1,687 from December 2021’s high of 1,969 ATMs.
Ever since, the net change in crypto ATMs has maintained a downward
trajectory, recording three-digit changes across the following months
in February (970), March (757) and April (739).
Last year’s explosive growth in crypto ATMs was a direct result of
jurisdictions like El Salvador, which currently hosts the third-largest
network of Bitcoin ATMs after the United States and
Canada, embracing Bitcoin as legal tender.
Highlighting the highly untapped market for crypto ATMs, El Salvador
hosts 205 Chivo-branded machines, amounting to roughly 54% of all
crypto ATMs in Latin America.
However, as previously pointed out by Cointelegraph, the evident
reduction in the installations of crypto ATMs could be a result of the
slowdown in newer jurisdictions willing to accept and adopt the Bitcoin
ecosystem.
Genesis Coin maintains its long-standing dominance in the crypto ATM
market, representing a 41.5% market share. Other prominent crypto
ATM manufacturers include General Bytes (21.6%), BitAccess (15.2%)
and Coinsource (5.3%).
On April 26, Mexico’s Senate building installed its 14th Bitcoin ATM,
showcasing the country’s increasing interest in the crypto ecosystem.
Mexican Senator Indira Kempis, who recently proposed the legalization
of Bitcoin, announced the launch of the new ATM in the Senate
building while stating:
“For freedom, inclusion and financial education in Mexico.”
