April 2022 marked the fourth consecutive month of slowdown in Bitcoin (BTC) ATM installation, since the slowdown began earlier in the year.
BTC ATMs serve a crucial role in the Bitcoin economy, helping users physically withdraw or deposit BTC holdings against corresponding cash reserves.
Based on data provided by Coin ATM Radar, 2021 saw the largest global increase in BTC ATM installations, with August witnessing its net exchange peak of 2,037 ATMs. As of January 2022, cryptocurrency ATM net change fell to 1,687 from the December high of 1,969 ATMs.
Since then, cryptocurrency ATM net change has been on a downward trajectory, posting triple-digit variations in the following months: February (970), March (757) and April (739).
The explosive growth of cryptocurrency ATMs last year was a direct result of jurisdictions like El Salvador adopting Bitcoin as legal tender, which is currently home to the third largest network of BTC ATMs after the United States and Canada. .
To highlight the largely untapped cryptocurrency ATM market, El Salvador is home to 205 Chivo ATMs, accounting for 70% of all cryptocurrency ATMs in South America.
However, as Cointelegraph previously noted, the apparent decline in cryptocurrency ATM installations could be the result of new jurisdictions slowing down willing to accept and adopt the Bitcoin ecosystem.
Genesis Coin has long held its dominance in the cryptocurrency ATM market, with a 41.5% market share. Other prominent cryptocurrency ATM manufacturers include General Bytes (21.6%), BitAccess (15.2%), and Coinsource (5.3%).
On April 26, the Mexican Senate building installed the country’s 14th BTC ATM, showing the nation’s growing interest in the cryptocurrency ecosystem.
Mexican Senator Indira Kempis, who has recently proposed the legalization of Bitcoin, announced the installation of the new BTC ATM in the Senate building while stating:
— Indira Kempis from I. (@IndiraKempis) April 26, 2022
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.