Bitcoin ATMs Take a Breather: What’s Happening in 2023?

Bitcoin’s Roller Coaster Ride

Ah, Bitcoin! One minute it’s soaring like a hawk on caffeine, and the next, it’s like a sleepy sloth stuck in a tree. Over the past six months, we’ve witnessed milestones that would make even the most seasoned crypto enthusiast weep with joy — El Salvador went all-in, Bitcoin hit an all-time high of $69,000, and the network hash rate put on its best flex. Yet, amid this glory, something strange is afoot with Bitcoin ATMs.

A Surprising Slowdown

For the first time ever, Bitcoin ATM installations are lagging behind the previous year. Usually, January and February are adrenaline-fueled months where new installations soar like balloons at a circus. However, 2023 has decided to take a dip in a kiddie pool instead. Data from Coin ATM Radar reveals a downturn: only 1,817 crypto ATMs popped up globally in the first two months of this year, compared to 2,435 last year. That’s a drop of 618 ATMs! Talk about a crypto hangover!

Historical Trends: A Bit of Context

To appreciate the slump, let’s look back in time. In 2020, a meager 760 ATMs were installed in this very same timeframe. That’s fewer than the number of significant dates I’ve forgotten this year! Clearly, 2020 felt like the last kid picked for dodgeball, while 2021 was the cool kid in school. But the trend seems to be shifting again this year.

Why the Slowdown?

So, what’s behind this unusual shift? Well, one reason could be the stagnation of new jurisdictions jumping on the crypto bandwagon. For reference, the United States was responsible for a whopping 93% of crypto ATM installations last year, adding 1,689 new ATMs. Meanwhile, Europe decided to take a nap, only dropping by one ATM to a total of 1,397. Come on Europe, you can do better!

The Bright Side: Future Optimism

Despite the initial hiccup, let’s not lose hope! There are plans for a Bitcoin ATM boom as places like El Salvador aim to install 1,500 new machines. If they keep this momentum and other countries join in, we could still see crypto ATMs popping up like daisies in spring. Unless governments step it up, though, these installations might find themselves at a standstill as existing markets reach saturation.

El Salvador’s Bitcoin Effect on Tourism

And let’s not forget about the cheerful nuggets of news from El Salvador. The country’s tourism has surged by over 30% since adopting the Bitcoin law last September. The Salvadoran Tourism Minister, Morena Valdez, proudly reported that instead of the expected 1.1 million visitors, they received a stellar 1.4 million! Cheers to unexpected wins! Budget projections are also off the charts, with actual revenue exceeding $1.4 billion instead of the predicted $800 million.

So here’s to Bitcoin and its adventure-filled future, where ATMs may slow down momentarily but still hold the potential to soar to new heights!