As the year 2022 is about to reach it’s mid, the year is not turning out to be the best for Bitcoin ATM installations globally. As we progress through every month, the number of ATMs seems to drop consecutively. Reports suggest that a total of 739 Bitcoin ATMs were installed in the month of April.
Even though the month of March witnessed 20 Bitcoin ATM installations every day, the global installations have dropped comparatively. As per the details from CoinATMRadar, the total number of crypto ATMs in the world now stand at 37073.
Global Bitcoin ATM installations plummets
While bitcoin and crypto ATMs may not be of much use in some countries, it marks of great importance to the bitcoin economy in some places. This is highly due to the ease of withdrawing and depositing bitcoin without the hassle of surfing the exchange to do so.
The year 2021 was different for bitcoin ATMs as the month of August alone saw 2,037 bitcoin ATMs installations. The month of December also witnessed over 1,969 bitcoin ATMs. Information from Coin ATM Radar shows that the numbers steadily dropped to 1,687, 970, 757, and 739 in January, February, March, and April respectively.
Source: Coin ATM Radar
Coin ATM Radar data shows that the Genesis coin currently dominates the crypto ATM market. Some of the other top crypto ATM manufacturers include General Bytes, BitAccess, and Coinsource.
Source: Coin ATM Radar
Even though the usefulness of crypto ATMs is really high, the number of installations is dramatically decreasing. The main reason for this decline is not apparent. It might also be due to the unclear regulations in some countries like India. If crypto ATMs were to be installed in India, the popularity and the number of installations would be tenfold. But the government won’t most likely give the green signal for that development.