Slowing of the rise – The almost exponential growth observed in recent years is no longer relevant. The number of installations of bitcoin distributors is clearly slowing down this year and the economic conditions is there for many. Decline in the financial markets, geopolitical tensions, energy crisis and global inflation have created an unfavorable environment for the continued expansion of this business sector. But behind this global slump are hidden more complex local realities. Spain, Canada, Salvador, let’s go for a world tour of the Automatic Teller Machine (ATM).
Growth in recent years has slowed markedly
Acronym ATM is used in much of the world to refer to simple cash dispensers. When we add crypto in front, it represents the set of distributors of cryptocurrencies manufactured and installed by companies in the sector. These crypto ATMs allow you to buy cryptos with banknotes or coins and send them to a wallet of your choice. This simple system allows you to put the crypto within easy reach and all scholarships.
And the deployment of these machines around the world has grown steadily for almost 10 years, as shown in the graph below. Therefore 2256 machines were installed in 2019, then 7,696 in 2020, 20,309 in 2021 and finally 4,272 in 2022. Last year’s growth was very weak, with in particular 94 crypto ATMs installed between July and the end of the year.
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Australia continues to install ATM cryptos and moves to the Lightning Network
This slowdown in the rise can of course be explained by the economic context, which we will not return to. But it is interesting to note that the top podium of countries with the most crypto ATM on its soil has changed this year. Indeed, theSpain came to snatch third place on the podium at the salvador while the first two did not move. The United States and the Canada continue to monopolize the outposts with 33,960 and 2,652 distributors respectively. Spain has 275, followed byAustraliathe Poland and the salvador who have 224, 223 and 212 ATM.
But the most impressive push of the year comes from australia which outperformed its direct competitors. Moreover, it is also from this country that one of the most interesting advances in the sector has come. This is the arrival of the first crypto ATM connected to the Lightning Network. This innovation is essential insofar as it will melt the costs of each transaction.
Eventually, in 2022, the whole crypto industry took a big hit on the head and ATMs were not spared the debacle. From 20,309 machines in 2021 to 4,272 in 2022, this represents almost an 80% drop, or roughly the drop in the price of Bitcoin over the same period. That’s why it’s a safe bet that the resumption of the bull market, if it ever happens, will also be favorable to the ATM sector. And theArgentinacurrently ranked 39th in the number of distributors, could well make a spectacular comeback if she brings this pro-Bitcoin candidate to power.
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