JAKARTA – April 2022 marks the fourth month in a row that there has been a slowdown in Bitcoin (BTC) ATM installations. The slowdown itself started earlier this year.
Bitcoin ATMs actually only serve the economic interests for Bitcoin. These ATMs help users physically take or hold possession of a suitable cash reserve.
Based on data provided by Coin ATM Radar, 2021 saw the highest global increase in Bitcoin ATM installations. Even in August 2021, there were 2.037 Bitcoin ATMs installed. This number became the largest record last year.
Meanwhile, in January 2022, the net change fell to 1.687 from the December 2021 high of 1.969 ATMs.
Since then, the net change in crypto ATMs has maintained a downward trajectory of descending brows. Only three-digit changes were recorded in the following months in February (970), March (757), and April (739).
The explosive growth of crypto ATMs last year was a direct result of jurisdictions like El Salvador, which currently hosts the third-largest Bitcoin ATM network after the United States and Canada. El Salvador has used Bitcoin as a legal tender.
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Highlighting a highly untapped market for crypto ATMs, El Salvador hosts only 205 Chivo-branded machines, accounting for about 54% of all crypto ATMs in Latin America.
However, as Cointelegraph previously pointed out, the marked decline in crypto ATM installations could be the result of a slowdown in new jurisdictions willing to accept and adopt the Bitcoin ecosystem.
Genesis Coin maintains its longstanding dominance in the crypto ATM market, representing a 41.5% market share. Other leading crypto ATM manufacturers include General Bytes (21.6%), BitAccess (15.2%), and Coinsource (5.3%).
On April 26, the Mexican Senate building installed the 14th Bitcoin ATM, which has demonstrated the country's growing interest in the crypto ecosystem.
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