Bitcoin ATM installation has undergone an overwhelming decline in the last few months, according to a report. Last month marked exactly four months that the downward trajectory has persisted in the crypto ATM ecosystem. Noticeably, the first decline was witnessed in January, with the following months also not anything to write home about.
Bitcoin ATM installation reached an ATH in 2021
Bitcoin ATMs, since inception, have proved to be a valuable tool in countries where they have been installed. With ATMs, traders can quickly deposit or withdraw the leading digital assets in their wallets by connecting them to the machines. According to a detailed update released by ATM monitoring outfit Coin ATM Radar, Bitcoin ATMs saw a massive increase last year compared to other years.
The milestone month for the year was August, when about 2,037 Bitcoin ATMs were installed in countries worldwide. However, January proved a tough month for the sector, with approximately 1,687 ATMs installed. Although it is a bit closer to the numbers installed in December, it did little to touch the figure at 1,969. Since then, there has been a massive three-digit decrease in the number of ATMs in the months since January.
Crypto regulations responsible for ATM decline
The report also claims that the explosive increase in installed Bitcoin ATMs last year was attributed to the massive embrace of crypto. One known example is El Salvador announcing the adoption of Bitcoin as the country’s legal tender. Presently, the country places in the third position in the number of Bitcoin ATMs it houses. The United States of America and Canada are the only countries with more ATMs than El Salvador.
In order to buttress how far the adoption of the ATMs is, El Salvador is responsible for more than 70% of the ATMs across South America. However, the reduction in the adoption of ATMs has been noted to result from most countries formulating laws against crypto. Most countries have developed laws against crypto due to the many ills plaguing the sector.
In terms of companies with the most installed Bitcoin ATMs, Genesis Coin takes the lead with 41.5%. Others include Coinsource with 5.3% and General Bytes with 21.6%. Mexico showed a promised stance towards crypto ATMs after installing the 14th across the country last month. Senator Kempis, leading the charge to legalize Bitcoin, said that crypto provides inclusion and financial liberalization.