While the industry might be in a crypto winter, the number of ATMs is making a return to strength. After five months of facing a downward trajectory, the number of Bitcoin ATM installments has started to increase as we are heading into the middle of June 2022.
The number of Bitcoin installments across the world has consistently dropped throughout the course of 2022, with May posting the lowest number of ATM installations – with only 205 new ATMs installed in the world. June has picked up the number, once more, though, with 882 new ATMs having been installed in just the first week and a half.
Bitcoin price over the past two years
Looking at the chart of the change of the number of Bitcoin ATM installations (the net change), May 2022’s range was last seen in May 2019, before 2020’s bull rally in the midst of the post-2018 bear market. Over 2020 and 2021, Bitcoin ATMs increased consistently as a result of global Bitcoin adoption as the world looked to digital money following the news of the global pandemic. 2021 brought with it Bitcoin’s new all-time-high, nearing $70,000, but 2022 has struggled to regain any of the value of the previous year’s records.
The rise of Bitcoin adoption
The major spike in Bitcoin ATMs in 2021 was also a result of increasing regulation in the industry, with countries becoming more and more crypto-friendly. For example. El Salvador making Bitcoin legal tender in the country contributed to a surge in the number of ATM installations in 2021.
How quickly are Crypto ATMs being installed across the globe?
Looking at Coin ATM Radar’s data, there is a current rate of just over 22 new cryptocurrency ATMs installed every day across the world. As it stands, there are over 38,000 cryptocurrency ATMs that have been installed around the world and are fully functioning and servicing users to allow users to buy fiat for crypto like Bitcoin and sell crypto for fiat.