El Salvador and Bitcoin: A Brief Overview
In a stunning twist of events, El Salvador, the first nation to embrace Bitcoin as legal tender, has taken a step back in the global race of cryptocurrency ATMs. With President Nayib Bukele initially championing Bitcoin by installing over 200 crypto ATMs, you’d think El Salvador was on the fast track to crypto stardom. Who wouldn’t want to sip coffee at a beachside café in La Libertad while withdrawing Bitcoin? But alas, the reality is far different.
Australia Steals the Show
As the clock struck 2023, Australia strutted onto the scene with a whopping 216 crypto ATMs, nudging El Salvador to the fourth spot. How did this happen? You see, while El Salvador was basking in its crypto glory, countries like Spain and Australia revved up their crypto ATM installations and grabbed the limelight.
The Spanish Surge
In October 2022, Spain claimed its stake in the crypto ATM arena, boasting 215 ATMs, which quickly became 226 as they kept pace with the cryptocurrency craze. Perhaps the Spaniards are hoarding all those churros and Bitcoin, but it’s clear they’re not letting this opportunity pass by.
The ATM Race: Statistics Galore
To better understand how the nations stack up, consider the data:
- El Salvador: Once the third-largest hub, now barely hanging onto the fourth position.
- Australia: 219 ATMs as of January 1, 2023, and growing.
- Spain: Leading with 226 ATMs!
It’s a veritable game of musical chairs, and the chairs are crypto ATMs. If this were a sports league, El Salvador would be feeling the sting of relegation.
Fast Growth of Australia
Australia’s crypto ATM journey was no slow burn. In just three months during 2022, the Land Down Under installed 99 new ATMs. It seems they’re not lounging around sipping flat whites when they could be boosting their crypto infrastructure instead!
Global Perspective on Crypto ATMs
Let’s widen our lens. Globally, there are 38,602 crypto ATMs, with substantial installations occurring in 2022 alone. Australia accounts for a meager 0.6% of that pie, but they’re ambitious. With aspirations to eclipse Asia’s 312 installations, they’re on a path filled with opportunities.
Other Players in the Game
While Australia and Spain steal the spotlight, it’s essential to keep an eye on other countries attempting to integrate cryptocurrency into their systems. Notably, Nigeria has embarked on a path towards a centralized digital currency, eNaira, seeking to reshape their financial landscape, albeit with restrictions on ATM withdrawals.
“Customers should be encouraged to use alternative channels to conduct their banking transactions,” noted Haruna Mustafa, providing a glimpse into Nigeria’s crypto strategy.
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