For the first time in the crypto industry’s history, there has been a slowdown in global Bitcoin ATM installations. But data from Coin ATM Radar highlights that in the first two months of the year, Bitcoin ATM installations historically increased year-on-year.
A total of 1,817 crypto ATMs have been installed worldwide in January and February 2022. Around the same period in 2021, 2,435 machines were installed. This is 618 ATMs more when compared to this year. Data shows that only 760 ATMs were installed in 2020. This makes 250 ATM installations in 2019 look quite small.
Analysts have attributed the slowdown to the lack of involvement from newer jurisdictions. The US with 1,689 new ATMs contributes to around 93% of the total global crypto ATM installations in 2022. Installation of these machines reduced by one in Europe in the first two months. It stands with a total of 1,397 ATMs. And North America has 34,284 ATMs – representing over 95% of the total crypto ATM installations.
However, the crypto industry expects the figures to go up as El Salvador is keen to deploy 1,500 Bitcoin ATMs. Analysts believe maintaining the upward trajectory would be a challenge unless more governments step up their efforts to crypto adoption. The Central American country’s Bitcoin adoption has recorded a spike in tourism. Morena Valdez, the Salvadoran Tourism Minister, on February 22 had said that El Salvador’s tourism industry surged more than 30% since the adoption of the Bitcoin law in September of 2021. She said the growth exceeded the government’s expectations – reaching 1.4 million visitors instead of 1.1 million tourists.