Spain’s ATM Gains
Market Meditations | October 24, 2022
Last year, El Salvador adopted bitcoin as an official national currency. With that announcement, came many crypto ATM installations in the country to make it more accessible to the public. Spain just passed El Salvador for having the third most crypto ATMs in the world!
- Spain currently has 215 crypto ATMs. They have just passed El Salvador (212 ATMs) and are now the third largest crypto hub (data from CoinATMRadar) after Canada and the US.
- Spain now represents .6% of the global crypto installations. While this percentage is pretty low, it means crypto ATMs are also being installed in many different countries.
- Does this mean crypto ATM installation is seeing growth? It is actually seeing a decline since September. At the moment, with data from the last 60 days, it appears that seven crypto ATMs are being installed daily worldwide.
- Crypto ATMs are another important way to spread awareness of crypto. It also offers customers that do not want to deal with exchanges, a way to participate and own crypto.
There are countries that are putting these ATMs in tourist hotspots and others that simply have them scattered in main city areas. These ATMs will continue to grow awareness and create normalcy around cryptocurrency that will help result in mass adoption.