April 2022 marked the fourth consecutive month of a slowdown in the installation of Bitcoin (BTC) ATMs, ever since the slowdown began at the start of the year.
BTC ATMs serve a crucial purpose for the Bitcoin economy, helping users physically retrieve or deposit BTC holdings against the corresponding cash reserves.
Based on the data provided by Coin ATM Radar, the year 2021 saw the highest global increase in the BTC ATM installations, with August witnessing its peak of 2,037 ATMs net change. Starting in January 2022, the crypto ATM net change fell down to 1,687 from December’s high of 1,969 ATMs.
Ever since, the net change in crypto ATM has maintained a downward trajectory, recording three-digit changes across the following months in February (970), March (757) and April (739).
Last year’s explosive growth in crypto ATMs was a direct result of jurisdictions like El Salvador embracing Bitcoin as legal tender, which currently hosts the third-largest network of BTC ATMs after the United States and Canada.
To highlight the highly untapped market for crypto ATMs, El Salvador hosts 205 Chivo-branded ATM machine, which amounts to 70% of all crypto ATMs in South America.
However, as previously pointed out by Cointelegraph, the evident reduction in the installations of crypto ATMs could be a result of the slowdown in newer jurisdictions willing to accept and adopt the Bitcoin ecosystem.