- Over 4,200 BTC ATMs were installed around the globe in 2022.
- The United States led other countries by a landslide margin with 33,947 total ATMs.
- Research shows that BTC ATMs will be a $5 billion market in eight years.
Data shows that despite the significant turbulence that rocked the crypto market in 2022, the number of new Bitcoin (BTC) automated teller machine (ATM) installations remarkably increased.
According to CoinATM Radar, over 4,200 BTC ATMs were installed around the globe, bringing the total figure to 38,602, with the United States leading other countries with a landslide margin. CoinATM Radar record also noted that the highest year-to-year increase was between January 2021 and January 2022.
At the start of 2021, there were 14,072 BTC ATMs, but by January 1, 2022, that number had climbed by an astounding 244% to 34,358. Notably, there were only 6,362 BTC ATMs at the beginning of 2020.
The United States has BTC ATMs installed across 33,947 locations, while Canada came second with 2,649 locations. Interestingly, despite making Bitcoin a legal tender in 2021, the Bitcoin-friendly country, El Salvador, only has BTC ATMs in 212 cities.
According to a recent publication from Grand View Research, a market intelligence company, the crypto ATM market may be worth more than $5 billion by 2030. The firm also cited a poll by Bitstamp in 2022, which indicated that 75% of retail and 88% of institutional investors anticipate widespread use of crypto within the next decade.
The prospect in the BTC ATM business may explain why more shops have started accepting Bitcoin and other digital assets as payment. In 2021, Walmart launched a pilot initiative to test out Bitcoin ATMs by placing 200 in shops around the United States.
Notably, Bitcoin ended 2022 trading around $16,500. The global crypto market has also reclaimed the $800 billion price point.