While most crypto markets have plummeted, Bitcoin ATMs have steadily increased in numbers, a new study finds.
Data compiled by BitStacker reveals that close to 500 new Bitcoin ATMs have been installed each month on average in 2022 across the world.
The numbers from January to the end of September show that a total of 4,476 new installations were done.
Notably, only 1 out of 10 months saw a small decline in installation numbers thus far into the year. That was September, but the decline was rapidly reverted in October which is already trending towards a new all-time high in the number of Bitcoin ATMs.
Over a 12 months period, Bitcoin ATM installations have seen a growth rate of 25%, and worldwide there are now close to 40,000 machines installed.
Crypto crash of 2022
While Bitcoin ATM installations have seen growth in 2022, this is in stark contrast to the rest of the crypto industry and financial markets as a whole.
A lot has happened since crypto prices peaked in November 2021. At that time bullish speculators and crypto evangelists were predicting Bitcoin prices to cross $100,000 before year-end.
Instead of another bull run, the financial markets took a beating across the board.
Concerns over the Russia-Ukraine situation, higher inflation, and a tightening of crypto regulations all came together to pull the markets, and the crypto industry, down in the deep red.
The severe market drop over the last few months has also had ramifications for some of the bigger companies within the industry.
Notable $10 billion hedge fund Three Arrows Capital (3AC) was forced into liquidation in June, and other big exchanges like Crypto.com and Coinbase have all gone through big layoffs.
Increased retail focus on Crypto payments
So while industry titans are struggling, there are signs that point to a continued upward trend for Bitcoin ATMs.
One likely continued driver is demand stemming from the retail space.
According to a recent survey by Deloitte, 75% of retailers plan to accept either stablecoins or cryptocurrencies as a payment method within the next two years.
The survey also stated that 83% of retailers expect that consumer interest in cryptocurrency will increase over the next year.
Overall, there appears to be a lot of near-term interest in allowing customers to transact in cryptocurrency. Not only at the point-of-sale, but also through easily accessible bitcoin and crypto ATMs.
This makes installing an ATM within physical stores and shops more attractive for a lot of retailers.
Growth outside of the United States
While the US is still dominant in terms of the amount of Bitcoin ATMs per country, having close to 34,000 machines installed – there are signs that further global growth can also lie in Europe.
Spain recently pushed past El Salvador to take the third spot as the country with the most crypto ATMs. Only Canada and US are ahead.
The Meditteranean country now has 215 ATMs installed. That number is still a relatively small percentage seen globally, but it represents almost 15% of the total European installations.
The other European countries which follow after Spain is Switzerland with 144 ATMs, Poland with 142, and Romania with 135.
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