BTC ATM Installations Are Reducing For The 4th Month In 2022

The BTC ATM installations are reducing for the 4^th consecutive month in 2022 which stems from the regulator’s hesitance to adopt the BTC ecosystem so let’s read more in today’s latest Bitcoin news.

April 2022 marked the fourth consecutive month of a reduction in the installation of BTC ATMs and since the slowdown began at the start of the year. The BTC ATM installations are slowing down but they serve a crucial purpose for the economy and help users retrieve or deposit their holdings against the cash reserves. Based on the data by Coin ATM Radar, in 2021 we saw the highest global increase in the BTC ATM installations with August seeing a peak of 2,037 ATMs net change and stated in January 2022 with the ATM net change fell down to 1,687 from December’s high of 1969 ATMs.

Por la libertad, inclusión y educación financiera en México.#ToTheMoon 🚀@senadomexicano pic.twitter.com/QytQn58A3i

— Indira Kempis de I. (@IndiraKempis) April 26, 2022

The net change in crypto ATM maintained a downward trajectory, recorded three-digit changes in the upcomign months of February, March, and April. Last year’s growth in ATM numbers was a result of jurisdictions like El Salvador which embrace BTC as a legal tender and hosts the third biggest network of BTC ATMs after Canada and the US. To outline the untapped market for ATMs, El Salvador hosts 205 chivo-branded ATM machines amounts to 70% of the crypto ATMs in South America.

The evident reduction in the installations of crypto ATMs is a result of the slowdown in jurisdictions that are willing to accept and adopt the BTC ecosystem. The Genesis Coin maintains a long-standing dominance on the ATM market and represents 41.5% market share and other prominent ATM manufacturers include General Bytes, Coinsource, and bitAccess. Mexico’s senate building installed 14 BTC ATMs and showed the increasing interest in the crypto ecosystem while Mexican senator Indira Kempis proposed the legalization of BTC and announced the launch of the new ATM in the Senate building while stating:

“For freedom, inclusion and financial education in Mexico.”

Mexico’s senate building houses the country’s 14^th BTC ATM which is a sign that the country sees an increase in interest in BTC. The ATM was installed on Tuesday with the support of a few legislators like Miguel Angel Mancera who is the head of a parliamentary group of the Party of the Democratic Revolution. Kempis shared her excitement at the developments and according to the Coin ATM Radar data, the country has 13 of these machines in Mexico City, Tijuana, Culiacan, Guadalajara, and San Miguel de Cozumel.