El Salvador currently has the third-largest number of cryptocurrency ATMs in the world, behind only the United States and Canada, accounting for 70% of all cryptocurrency ATMs in South America. El Salvador has surpassed the United Kingdom’s cryptocurrency ATM count, as per Coin ATM Radar, after installing 205 cryptocurrency ATMs to date to enable domestic Bitcoin trades and BTC to US dollar exchanges.
When compared to Statista statistics from August 16, El Salvador has triumphantly deployed 201 ATMs in just a month. Previously, the nation was placed 43rd on the ranking, with only four operational cryptocurrency ATMs. President Nayib Bukele earlier said that the first boost for Bitcoin adoption will be provided through a chain of 200 ATMs and 50 stores.
The Salvadorean government has collaborated with Chivo, a domestic cryptocurrency wallet service, to handle the country’s BTC wallets and ATM usage. With 27,664 operational machines and 2,790 new machines installed in September, cryptocurrency ATM installations are at a historical peak across the globe.
The surge in El Salvador’s ATM construction push coincides with a new presidential decree requiring all establishments to allow Bitcoin payment. Nevertheless, businesses may still exchange Bitcoin payments to USD before taking their profits. While some governments are still debating Bitcoin’s use as a popular asset, an average of 63.7 ATMs being deployed worldwide day after day.
Genesis coin continues to be the market leader in cryptocurrency ATM manufacturing, with a 40.7% market share, followed by General Bytes and BitAccess, who have 22.7% and 12.7% market shares, respectively. Locals in El Salvador have been resistant to Bitcoin adoption, which lately resulted in the destruction of a Chivo-backed Bitcoin machine.
Those opposed to Bitcoin’s acceptance raised worries about unpredictability, price volatility, and a scarcitylack of exposure to the cryptocurrency market. The Chivo kiosk is the government’s first effort to build a framework for converting BTC to US dollars. El Salvador now accepts both Bitcoin and the US dollar as legal currency.
