Bitcoin ATM (BTC) installations made yet another comeback, as in June 2022 the reversal of the last five – month corridor came for the first time this year.
The number of BTC ATM installations worldwide fell steadily during the year, with the lowest number of 205 ATM installations in May. However, in June over 882 BTC ATM installations were established in the first ten days alone.
As the chart above shows, the May 2022 decline reached a range last seen three years ago, in 2019. Over the past two years, in 2020 and 2021, Bitcoin ATM installations have seen steady growth due to more welcoming regulatory landscapes in . a rewards market in which many cryptocurrencies are hitting all-time highs.
In addition, the use of bitcoin as a legal tender in El Salvador added to the spike in cryptocurrency ATM installations last year. Chinese hedges on cryptocurrency trading and mining also contributed to the temporary slowdown in the number of bitcoin ATM installations worldwide. Surprisingly, despite regulatory obstacles, China has become the second largest center for bitcoin mining, despite the ban on cryptocurrency.
Cryptocurrency ATM appliances peaked in 2021, and in December 1,971 ATMs were installed in one month. However, by June 2022, the numbers fell 89.75% in May, before recovering rapidly the following month.
According to the Coin ATM Radar measurement scale, which is based on data collected over the past two months, there are on average almost 23 cryptocurrency ATMs installed per day worldwide.
The data also confirms that 38,000 operating ATMs are currently installed worldwide at the time of writing this report. Cryptocurrency ATMs serve a vital purpose for the bitcoin and cryptocurrency economy, by allowing users and investors to exchange their fiat currencies for bitcoins and vice versa.
Standing out from the crowd, the United States accounts for 87.9% of the total network of cryptocurrency ATMs, or 33,403 ATMs. The major manufacturers leading this space in terms of market share are Genesis Coin (40.9%), General Bytes (21.6%), BitAccess (16.1%), Coinsource (5.4%) and Bitstop (4.8%).
While transactions made at ATMs do not add to the overall liquidity of the Bitcoin network, they do help investors acquire crypto assets for fiat currencies. Thus, the presence of local cryptocurrency ATMs promotes the uptake of cryptocurrencies among the general public.
Similarly, El Salvador had a spike in tourism, having accepted bitcoin as a legal tender. According to reports, tourism in El Salvador has increased by 30% since the bitcoin law was enacted.
READ ALSO: El Salvador’s fall in bitcoin price: ‘Now’s time to buy more,’ says MP Dania Gonzalez
In a recent conversation with Cointelegraph, Dania Gonzalez, MP for the Republic of El Salvador, outlined the country’s plan to buy more bitcoin amid falling prices.
“What Nayib Bukele did was buy bitcoins and make a profit at a certain strategic time,” Gonzalez said.
Gonzalez also pointed out that El Salvador President Nayib Bukele’s strategy has already been proven in terms of socioeconomic impact, citing two businesses – a veterinary hospital and a public school – that were made possible by investments calculated in bitcoins.