An average of 50 new Bitcoin ATMs were installed per day in 2021.
33,850 Bitcoin ATMs in 2021
This figure reflects the growing focus on cryptocurrency and its increased adoption, which hit its highs in 2021, thanks in part to El Salvador’s September 7 decision to make Bitcoin legal tender in the country.
In the first six months of the year alone, the growth of new ATMs worldwide was 265%. According to data from the specialized company Coin ATM Radar, this particular ranking sees the United States with nearly 30,000 machines installed, Canada with 2,220, El Salvador with 205, and Spain with 197. Italy, with 69 ATMs, is in 12th position.
According to Coin ATM Radar, 14,040 ATMs were installed worldwide on January 1, 2021, which became 33,850 on December 28. However, this figure probably does not take into account the total number of ATMs present, which are therefore counted by default.
The number of ATMs would have grown even in December when the quotations of Bitcoin and of all the main cryptocurrencies suffered heavy downturns, thus probably demonstrating how digital currencies are always considered by investors as an asset destined to last.
Factors related to ATM growth
Several factors have contributed to this exponential growth of ATMs worldwide.
The first is related to the increased adoption that is taking place around the world, which clearly creates the need for machines for withdrawing and exchanging cryptocurrencies.
A second factor that makes bitcoin ATMs very attractive is the simplification compared to cryptocurrency transfer wallets. Payments are instantaneous, and users do not have to create an account, an online wallet, or manage lengthy public keys. ATMs are considered, in part, for this reason, a safer tool for users and provide more assurance than a cryptocurrency transfer.
The increasing interest in cryptocurrencies has created the conditions for many start-ups to devote themselves to the ATM segment.
Therefore, it is no coincidence that some of the leading companies involved in building and installing cryptocurrency ATMs, such as Las Vegas-based Robocoin, Vancouver-based Bitcoiniacs, and Boston-based LibertyX, have received millions of dollars in funding over the past year.
On the other hand, according to a report by consulting firm Industry Arc, the market for Crypto ATMs is expected to reach $2.1 billion by 2026, growing at a CAGR of 50.4% from 2021 to 2026.