Bitcoin ATM installation slowdown continues for 4th month in 2022

[DougBale]

Bitcoin ATM installation slowdown continues for 4th month in 2022

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%).

Related: Bitcoin ATM installed in Mexico's Senate Building

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