Bitcoin ATM Installation Slowdown Continues For 4th Month In 2022

There has been a tremendous wreck in the rate of installation of the BTC ATMs since the beginning of the year. BTC ATMs serve a crucial purpose to the BTC economy as it allows users to retrieve and deposit their holdings against cash reserves.

According to economictimes.com, 2021 witnessed the highest global increase in BTC ATM installations, with August being the peak of the net change of 2,037 ATMs. Since January 2022, the net change dropped to 1,687, and ever since, the numbers haven’t improved at all.

Some of the potential reasons for the significant growth in ATM installations last year were the direct result of the jurisdiction of El Salvador, the third-largest network of the Bitcoin ATMs after the US and Canada. El Salvador hosts about 205 Chivo branded machines, resulting in 54% of all crypto ATMs in Latin America.

Genesis Coin maintains a continuous dominance in the crypto ATM market. They have a market share of 41.5%. Some other prominent crypto ATM manufacturers include General Bytes(21.6%) and BitAccess(15.2%) and Coinsource(5.3%).

On April 26, Mexico’s Senate building announced its 14th bitcoin ATM installation, contributing to the increasing ATM crypto ecosystem.

Mexican Senator Indira Kempsi also proposed the recent legalization of Bitcoin after the announcement of the new ATM launch at the Senate building, again contributing significantly to the awareness and exposure of the crypto market in Mexico. Apparently, the numbers will increase in the upcoming years as more and more people invest readily in these digital assets.