The Bitcoin ecosystem is making a complete turnaround in global ATM installations

by · July 5, 2022

Bitcoin (BTC) ATM installations have marked a new comeback when June 2022 saw the reversal of the five-month downward trajectory for the first time this year.

Global ATM installations worldwide fell steadily throughout the year, with May reporting the lowest number of 205 ATM installations. In June, however, more than 882 ATMs were installed in just the first ten days.

Diagram showing the net change in the number of cryptocurrency machines installed and removed monthly. Source: Coin ATM Radar

As the graph above shows, the fall in May 2022 reached an area last seen three years ago in 2019. Over the past two years, in 2020 and 2021, Bitcoin ATM installations have grown consistently due to friendlier regulatory landscapes in the midst of a lucrative market with many cryptocurrencies reaching its records at the moment.

In addition, the use of Bitcoin as a legal tender in El Salvador contributed to the increase in cryptocurrencies over the past year. China is also imposing a blanket on cryptocurrency trading and mining, contributing to the temporary decline in the number of global ATM installations. Surprisingly, despite the regulatory hurdles, China emerged as the second best Bitcoin mining center despite the cryptocurrency ban.

Crypto ATM installations reached their peak in 2021, and December witnessed 1971 ATMs installed in one month. Until June 2022, however, the figures fell by 89.75% by May, which was followed by a rapid improvement the following month.

According to the Coin ATM Radar measurement scale, which is based on the data collected in the last two months, almost 23 cryptocurrencies are installed per day on average globally.

A diagram showing the speed of cryptomachines installed over time. Source: Coin ATM Radar

Data also confirms that there are currently 38,000 operating ATMs installed around the world at the time of writing. Crypto-ATMs serve a crucial purpose for the Bitcoin and crypto-economy, allowing users and investors to exchange their fiat currencies for Bitcoin and vice versa.

Out of the party, the United States represents 87.9% of the total crypto-ATM network, ie 33,403 ATMs. Prominent manufacturers leading this area in terms of market share are Genesis Coin (40.9%), General Bytes (21.6%), BitAccess (16.1%), Coinsource (5.4%) and Bitstop (4.8 %).

Although ATM transactions do not contribute to the overall liquidity of the Bitcoin network, it does help investors acquire cryptocurrencies against fiat currencies. As a result, having local cryptocurrencies will drive the adoption of cryptocurrencies into the mainstream.

Similarly, after accepting Bitcoin as a legal tender, El Salvador witnessed an increase in tourism. According to reports, El Salvador’s tourism has grown by 30% since the Bitcoin law was implemented.

Related: Falling Bitcoin price does not affect El Salvador: “Now is the time to buy more,” reveals Deputy Dania Gonzalez

In a recent discussion with the Cointelegraph, Dania Gonzalez, deputy head of the Republic of El Salvador, recently revealed the country’s plan to buy more Bitcoin amid falling prices:

“What Nayib Bukele did was buy Bitcoins and make money at a certain strategic moment.”

Gonzalez also indicated that El Salvador President Nayib Bukele’s strategy has already proved successful in terms of socio-economic impact by citing two ventures – a veterinary hospital and a public school – which were made possible thanks to estimated BTC investments.