Crypto Winter is Raging, But 500 New Bitcoin ATMs Are Being Installed On a Monthly Basis




It’s been a cold 2022 for the crypto industry and financial markets. But some part of the industry seems to still be thriving. 

Crypto comparison site BitStacker found that crypto ATM installations have been growing at a rapid rate throughout the year. 

Close to 500 new ATMs have been set up each month on average, with each month seeing growing numbers but one. 

September registered a small decline, but numbers reveal that October has already come back with strong growth. The month is looking to close with new all-time high numbers with almost 40,000 machines now in place worldwide. 

Retailers and Europe Key Drivers 

Several factors have come into play to see positive growth numbers for Bitcoin ATMs, despite the ongoing crypto winter.

Retailers are eying growing interest amongst consumers to be able to pay for goods and services with crypto. 

The research report further expands: 

“Overall, there appears to be a lot of near-term interest in allowing customers to transact in cryptocurrency. Not only at the point-of-sale, but also through easily accessible bitcoin and crypto ATMs. 

This makes installing an ATM within physical stores and shops more attractive for a lot of retailers.”

Growth is also appearing outside of the US which up until now has been the country with the biggest demand for crypto ATMs. 

Most notable is Spain now recently surging past El Salvador to take third place as the country with the most Bitcoin ATMs, just passed by US and Canada. 

About the author, Declan Yin

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