A crypto ATM is a physical device that allows people to buy or sell bitcoin (BTC) or other cryptocurrencies. Almost all crypto ATMs support bitcoin, but the percentage that also supports altcoins such as ethereum (ETH) is also increasing. Earlier you could read in the bitcoin news that after nine years there are almost 39,000 crypto ATMs worldwide. However, the growth of these ATMs has not been steady and depends on the state of the market.
Influence current bear market
That the development of these crypto ATMs goes along with Bitcoin’s cycles can be clearly seen in the comparison of the development of 2021 compared to 2022. 2021 was the year that the price of bitcoin and many altcoins had risen to new records, while 2022 is all about despair and ever-decreasing rates.
In 2021, according to data from CoinATMRadar, namely a total of 20,300 new crypto ATMs placed all over the world. However, only 6,100 new crypto ATMs were installed in the first eleven months of 2022, which is about 3 times less than in 2021.
Crypto ATMs by country
The distribution of the devices where you can buy bitcoin and other altcoins also varies widely. It will surprise few people that the United States is in first place on the ranking of countries with the most crypto ATMs. The United States is head and shoulders at the top with a total of 34,236 machines and Canada is number two with 2,698 machines.
El Salvador, the first country in the world to make Bitcoin legal tender, currently ranks fifth with a total of 212 ATMs. Last month you could already read that Spain had overtaken the Central American country and is the most popular country in terms of crypto ATMs in Europe.
Poland, meanwhile, has experienced strong growth, as numbers have risen by as much as 50% in just over a month. As a result, Poland is currently in fourth place and even above the country of the ‘Bitcoin revolution’.