By May 2022, the number of BTC ATMs deployed had decreased by 89.75 %, followed by an immediate recovery in June.
Bitcoin (BTC) ATMs have recovered, with the price of the cryptocurrency reverting its five-month falling trend for the first time this year in June 2022.
The number of ATM installations globally declined significantly throughout the year, with the lowest number of 205 ATM installations recorded in May. In the first ten days of June, however, over 882 ATMs were established.
Bitcoin ATM installations have risen substantially during the last two years, in 2020 and 2021, owing to more supportive regulatory environments and a rewarding market in which many cryptocurrencies temporarily reached all-time highs.
Furthermore, El Salvador’s adoption of Bitcoin as legal cash has boosted the growth of crypto ATMs in recent years. The brief slowdown in worldwide ATM installation numbers was also linked to China’s blanket ban on crypto trade and mining. Surprisingly, despite the legislative obstacles, China emerged as the second-largest Bitcoin mining hub, despite the cryptocurrency ban.
In December 2021, the number of crypto ATMs built in a month reached a new high of 1971. However, between May and June 2022, the numbers fell by 89.75% before quickly recovering the following month.
On average, roughly 23 crypto ATMs are installed daily throughout the world, according to Coin ATM Radar’s gauge scale, which is based on data collected over the last two months.
At the time of writing, data shows that 38,000 ATMs were operational worldwide. Crypto ATMs are vital to the Bitcoin and crypto economy because they allow consumers and investors to swap fiat currency for Bitcoin and vice versa.
The United States has 33,403 crypto ATMs, accounting for 87.9% of the total network. Genesis Coin (40.9%), General Bytes (21.6%), BitAccess (16.1%), Coinsource (5.4%), and Bitstop (5.4%) are the leading manufacturers in this field in terms of market share (4.8 per cent).
While ATM transactions do not add to the Bitcoin network’s total liquidity, they assist investors in purchasing crypto assets in exchange for fiat money. As a result, the presence of local crypto ATMs accelerates the mainstream adoption of cryptocurrencies.
El Salvador, on the other hand, saw a surge in tourism after recognising Bitcoin as legal tender. El Salvador’s tourism has increased by 30%, according to reports, since the implementation of the Bitcoin Law.
Deputy of the Republic of El Salvador Dania Gonzalez recently announced the country’s plan to buy more Bitcoin amid declining prices in an interview with Cointelegraph.
“What Nayib Bukele did was acquire Bitcoins and profit at a critical point in time,” Gonzalez explained.
Gonzalez also mentioned two initiatives — a veterinary hospital and a public school — that were made possible because of measured BTC investments, implying that El Salvador President Nayib Bukele’s strategy has already shown to be beneficial regarding socio-economic impact.