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Bitcoin ATM installation slowdown continues for 4th month in 2022

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April 2022 marked the fourth consecutive month of a slowdown in the installation of Bitcoin (BTC[1]) ATMs, ever since the slowdown began at the start of the year.

BTC ATMs serve a crucial purpose for the Bitcoin economy, helping users physically retrieve or deposit BTC holdings against the corresponding cash reserves.

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

Based on the data[2] provided by Coin ATM Radar, the year 2021 saw the highest global increase in the BTC ATM installations, with August witnessing its peak of 2,037 ATMs net change. Starting in January 2022, the crypto ATM net change fell down to 1,687 from December’s high of 1,969 ATMs.

Ever since, the net change in crypto ATM 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 embracing Bitcoin as legal tender, which currently hosts the third-largest network of BTC ATMs[3] after the United States and Canada.

To highlight the highly untapped market for crypto ATMs, El Salvador hosts 205 Chivo-branded ATM machine, which amounts to 70% of all crypto ATMs in South America.

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

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[4] willing to accept and adopt the Bitcoin ecosystem.

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

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%).

Related: Bitcoin ATM installed in Mexico’s Senate Building[5]

On April 26, Mexico’s Senate building installed its 14th BTC ATM, showcasing the country’s increasing interest in the crypto ecosystem.

Mexican senator Indira Kempis, who has recently proposed the legalization of Bitcoin[10], announced the launch of the new BTC ATM in Senate building while stating:

“For freedom, inclusion and financial education in Mexico.”

 

References

  1. ^ BTC (cointelegraph.com)
  2. ^ data (coinatmradar.com)
  3. ^ the third-largest network of BTC ATMs (cointelegraph.com)
  4. ^ slowdown in newer jurisdictions (cointelegraph.com)
  5. ^ Bitcoin ATM installed in Mexico’s Senate Building (cointelegraph.com)
  6. ^ #ToTheMoon (twitter.com)
  7. ^ @senadomexicano (twitter.com)
  8. ^ pic.twitter.com/QytQn58A3i (t.co)
  9. ^ April 26, 2022 (twitter.com)
  10. ^ proposed the legalization of Bitcoin (cointelegraph.com)

 

This article was first published on Cointelegraph.com

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