Bitcoin ATM Installations Plunge in May, CoinRadar Data Shows
Godfrey Benjamin Jun 05, 2022 20:55
The ongoing ‘crypto winter’ is now reflected in the number of Bitcoin Automated Teller Machine (ATM) installations across the globe
The ongoing ‘crypto winter’ is now reflected in the number of Bitcoin Automated Teller Machine (ATM) installations across the globe.
While there has been a growing decline in these ATM installations in the year-to-date period, CoinATM Radar data shows that May saw the biggest plunge for the year with 202 Bitcoin ATM installations, the lowest figure since 2019.
The total Bitcoin ATM installations in May account for an 89.75% decline from 1971 recorded in December 2021. Bitcoin ATMs come off as one of the most visible yardsticks for measuring the growth of the digital currency ecosystem, and the overall embrace by regions across the board.
The highest-ever installation on a monthly basis was recorded back in August 2021 per CoinATM Radar’s data. The total installations at the time came in at 2037, and it preceded the months in which Bitcoin recorded its All-Time High (ATH) price record above $68,000.
Bitcoin ATM Installations Per Region
The CoinATM Radar data showed Bitcoin ATMs topped the charts in the United States which accounts for a total of 33,245, approximately 87.9% of all ATMs in the world. North America as a region accounts for a total of 35,961 ATMs or 95.1% of all ATMs in the world.
Europe came out second as the next region with more Bitcoin ATMs installed coming in at 3.8% for a total of 1,419 machines respectively. Asia, North America, Oceania, and Africa all account for less than 1% of the remaining total supply, a metric that we can use to judge that crypto usability is still at a low ebb in these regions.
The embrace of regulators in general remains amongst the primary impediments to Bitcoin ATM installations. In Nigeria for instance where the Central Bank prohibited banking transactions for crypto service providers, the emergence of Bitcoin ATMs has been at a very low ebb when compared with other nations with commensurate crypto interest among the populace.
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