There were 1,817 crypto ATMs installed around the world in the first two months of 2022. Last year, 2,435 crypto ATMs were installed in the same time period.
Bitcoin (BTC) has reached a number of significant milestones in the recent six months. El Salvador’s widespread acceptance, a new all-time high of $69,000, and a stronger-than-ever network hash rate are just a few examples.
However, compared to the previous year, global Bitcoin ATM deployments have slowed in the first two months. It was the first time something like this had ever happened in history.
Bitcoin ATM Pattern Breaks
Historically, the number of Bitcoin ATMs installed in the first two months of the year has climbed year over year. This year, however, the pattern breaks.
Only 1,817 crypto ATMs have been installed worldwide between January and February 2022. The year before that, 2,435 crypto ATMs were installed in the same timeframe, which is 618 more than this year.
About 760 ATMs were installed in this timeframe in 2020, much outnumbering the 250 ATMs installed in 2019.
Reasons for the Slow Down
One of the main causes of the current crisis is the absence of engagement from rising jurisdictions. The United States alone accounted for 93 percent of all global crypto ATM installations in 2022, with 1,689 new crypto ATMs built.
The number of Bitcoin ATMs in Europe, on the other hand, has declined by one in the first two months. The number of ATMs has decreased to 1,397. With 34,284 crypto ATMs installed as of this writing, North America accounts for over 95% of total crypto ATM installations.
ATM installations would struggle to maintain an upward trend until more governments step up their efforts to promote crypto usage. Since the installation of new crypto and Bitcoin ATMs in existing crypto-friendly countries has reached saturation.
A Ray of Sunshine
Currently, there are 36,067 ATMs in operation. Despite a poor start to the year, it is expected that crypto ATM deployments will increase. It comes from El Salvador planning to install 1,500 Bitcoin ATMs.
One of the first positive effects of Bitcoin acceptance in El Salvador is a significant boost in tourism. According to Salvadoran Tourism Minister Morena Valdez, the country’s tourism business grew by more than 30%. This occurred following the September 2021 adoption of the Bitcoin bill.
The majority of visitors came from the Central American isthmus’ surrounding countries prior to the passage of the Bitcoin law. The United States now accounts for up to 60% of all visitors.
El Salvador’s tourism boom exceeded the government’s projections, according to Valdez, with 1.4 million visitors instead of 1.1 million. They had budgeted $800,000 in foreign exchange, he claimed. They did, however, earn more than $1,400 million in foreign money.