In the first two months of 2022, 1,817 crypto ATMs were established around the world. In the same time frame last year, 2,435 crypto ATMs were installed.
Bitcoin (BTC) has reached a number of milestones in the last six months, including widespread adoption in El Salvador, a new all-time high of $69,000, and a network hash rate that is higher than it has ever been. However, compared to the previous year, global Bitcoin ATM installations have slowed for the first time in history in the first two months.
According to data from Coin ATM Radar, the number of Bitcoin ATMs installed in the first two months of the year has traditionally climbed year over year. This year, however, the pattern breaks.
In the first two months of 2022, a total of 1,817 crypto ATMs were deployed around the world. Last year, 2,435 crypto ATMs were installed in the same timeframe, which is 618 more than this year.
Only 760 ATMs were installed in this timeframe in 2020, much outnumbering the 250 ATMs installed in 2019.
The absence of participation from emerging jurisdictions is one of the key reasons for the current downturn. With 1,689 new crypto ATMs installed in 2022, the United States alone accounted for 93 percent of all global crypto ATM installations.
In Europe, however, the number of Bitcoin ATMs has decreased by one in the first two months, to a total of 1,397. With 34,284 crypto ATMs installed as of this writing, North America accounts for over 95% of total crypto ATM installations.
Currently, there are 36,067 ATMs in operation. Despite a sluggish start to the year, crypto ATM deployments are anticipated to increase, with El Salvador planning to install 1,500 Bitcoin ATMs.
As existing crypto-friendly countries reach saturation in terms of installing new crypto and Bitcoin ATMs, it will be difficult to maintain an upward trajectory unless more governments step up their efforts to promote crypto adoption.
A dramatic increase in tourism is one of the first beneficial outcomes of Bitcoin acceptance in El Salvador. Morena Valdez, the Salvadoran Tourism Minister, stated on February 22 that the country’s tourism industry had grown by more than 30% since the implementation of the Bitcoin law in September 2021.
Boom! 💥 💥 💥
El Salvador’s tourism has grown by 30% since the Bitcoin Lawhttps://t.co/i8t6JRHD1a#ElSalvador #BitcoinLaw #bitcoin #bitcoininvestment #Abtc #tourism #BitcoinCity #blockchain #investments
— Mónica Taher ⚡️🇸🇻 (@monicataher) February 22, 2022
El Salvador’s tourism boom surpassed the government’s projections, with 1.4 million visitors instead of 1.1 million, according to Valdez.
“We had budgeted $800,000 in foreign exchange, but we ended up with more than $1,400 million in foreign currency income.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.