In worldwide ATM deployments, the Bitcoin environment achieves a U-turn comeback
By May of 2022, the amount of BTC ATMs installed had plummeted by 89.75 percent, followed by an immediate comeback in June.
Bitcoin (BTC) ATMs have made a return, with the price of the cryptocurrency reversing its five-month steady decline for the very first time this year in June 2022.
The volume of ATM construction globally decreased steadily throughout the year, with the smallest amount of 205 ATM construction reported in May. In just the first ten days of June, though, more than 882 ATMs were installed.
As shown in the chart above, the decrease in May 2022 achieved a point last seen 3 years ago in 2019. The number of Bitcoin ATM deployments increased steadily during the last 2 years, in 2020 and 2021, due to more supportive regulatory environments and a lucrative market in which many currencies briefly reached all-time high points.
El Salvador’s adoption of Bitcoin as legal cash has boosted the number of crypto ATMs installed in recent years. The brief delay in worldwide ATM construction numbers was also attributed to China’s blanket ban on crypto trade and mining. Interestingly, given the legislative obstacles, China emerged as the second-largest cryptocurrency mining hub, defying the cryptocurrency ban.
The number of crypto ATMs installed reached in 2021, with a total of 1971 ATMs built in a single month in December. Yet, between May and June 2022, the numbers decreased by 89.75 percent, followed by an immediate comeback the following month.
As usual, roughly 23 crypto ATMs are deployed per day worldwide, as per Coin ATM Radar’s meter scale, which is based on information gathered over the last two months.
At the time of this writing, data shows that there are approximately 38,000 operating ATMs around the globe. Crypto ATMs are critical to the Bitcoin economy because they allow consumers and investors to swap fiat currency for Bitcoin and vice versa.
The United States is responsible for 87.9% of the total.
Dania Gonzalez, Deputy of the Republic of El Salvador, announced the nation’s plan to buy more Bitcoin amid declining rates in an interview with Cointelegraph.
Gonzalez explained, “What Nayib Bukele did was buy Bitcoins and gain at an opportune time.”
Gonzalez also mentioned two initiatives—a veterinary facility and a public school—that were made feasible because of careful BTC expenditures, indicating that El Salvador President Nayib Bukele’s approach continues to be beneficial regarding economic impacts.
