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Bitcoin ATM setup downturn continues for 4th month in 2022

The obvious decrease in the setup of crypto ATMs might arise from the regulators’ resistance to embrace the Bitcoin community.

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Bitcoin ATM installation slowdown continues for 4th month in 2022

April 2022 marked the 4th successive month of the downturn in the setup of Bitcoin ( BTC) ATMs, which started at the start of the year.

Bitcoin ATMs serve an essential function for the Bitcoin economy, assisting users physically obtain or deposit holdings versus the matching money reserves.

Net modification of cryptocurrency makers number set up and eliminated month-to-month. Source: Coin ATM Radar

Based on information offered by Coin ATM Radar, the year 2021 saw the greatest worldwide boost in Bitcoin ATM setups, with August seeing a peak net modification of 2,037 ATMs. In January 2022, the net modification was up to 1,687 from December 2021’s high of 1,969 ATMs.

Ever given that, the net modification in crypto ATMs has actually kept a down trajectory, taping three-digit modifications throughout the following months in February (970), March (757) and April (739).

Last year’s explosive development in crypto ATMs was a direct outcome of jurisdictions like El Salvador, which presently hosts the third-largest network of Bitcoin ATMs after the United States and Canada, accepting Bitcoin as legal tender.

Highlighting the extremely untapped market for crypto ATMs, El Salvador hosts 205 Chivo-branded makers, totaling up to approximately 54% of all crypto ATMs in Latin America.

Number of Bitcoin devices set up in time. Source: Coin ATM Radar

However, as formerly mentioned by Cointelegraph, the obvious decrease in the setups of crypto ATMs might be an outcome of the downturn in more recent jurisdictions happy to accept and embrace the Bitcoin environment.

Number of cryptocurrency devices set up by maker gradually. Source: Coin ATM Radar

Genesis Coin preserves its enduring supremacy in the crypto ATM market, representing a 41.5% market share. Other popular crypto ATM producers consist of General Bytes (216%), BitAccess (152%) and Coinsource (5.3%).

Related: Bitcoin ATM set up in Mexico’s Senate Building

On April 26, Mexico’s Senate structure installed its 14 th Bitcoin ATM, showcasing the nation’s increasing interest in the crypto community.

Por la libertad, inclusión y educación financiera en México. #ToTheMoon @senadomexicano pic.twitter.com/QytQn58 A3i

— Indira Kempis de I. (@IndiraKempis) April 26, 2022

Mexican Senator Indira Kempis, who just recently proposed the legalization of Bitcoin, revealed the launch of the brand-new ATM in the Senate structure while mentioning:

” For liberty, addition and monetary education in Mexico.”

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