Bitcoin ATM installation drop-off for the fourth consecutive month

This April was the fourth consecutive month of a slowdown in BTC ATM installations of the year 2022. It’s been noted that the evident reduction in the installations of crypto ATMs could be a result of the regulators' hesitance to adopt the Bitcoin ecosystem.

Last year’s massive growth in crypto ATMs was a direct result of jurisdictions like El Salvador taking Bitcoin as a legal tender. El Salvador currently holds the third-largest network of BTC ATMs after the United States and Canada. 

The evident reduction in the installations of crypto ATMs is blamed on the lack of involvement of newer jurisdictions who are willing to accept and adopt the Bitcoin ecosystem. Nonetheless, installations are expected to grow as jurisdictions like El Salvador are planning to deploy 1,500 Bitcoin ATMs with a sudden spike in the country’s tourism. It’s worth mentioning that the country’s tourism industry surged more than 30% since the adoption of the Bitcoin law.

Bitcoin ATMs are not actually ATMs and do not dispense cash. Rather, they are kiosks that connect to the bitcoin network and allow customers to purchase crypto tokens with deposited cash. BTC ATMs serve an essential role in the Bitcoin economy, helping users physically retrieve or deposit BTC holdings against the corresponding cash reserves. 

Currently a total of 36,067 installments have been reported worldwide with several countries adopting BTC ATMs including the United States, Canada, the United Kingdom and Austria by now.The United States alone contributed to 93% of the total global crypto ATM installations in 2022 with 1,689 new ATMs installed.