Poland has become the fifth largest bitcoin ATM hub in the world

Poland has become the fifth largest bitcoin ATM hub in the world

Poland has become the new leader in bitcoin ATMs, adding ten new machines in January 2024, bringing the total number of active ATMs to 219. With this move, it has surpassed El Salvador to take fifth place in the global rankings, behind the US, Canada, Australia and Spain.

Since October 2024, Poland has been experiencing a four-month installation spree, during which a total of 24 new crypto ATMs have been installed. These new installations underline the growing interest in cryptocurrencies and their accessibility to the general public. According to data from Bitcoin ATM Radar, Poland is now home to a number of new ATMs, indicating a positive trend in cryptocurrency adoption in the region.

El Salvador On The Retreat

While Poland has seen significant growth, El Salvador, which was the third largest bitcoin ATM hub with 215 machines in October 2022, is now lagging behind. The small central European country has seen no growth in its existing capacity, which contrasts with the dynamic development in Poland and other countries such as Canada and Australia.

El Salvador, which once led the way in bitcoin adoption, is currently struggling to find ways to encourage further adoption of the cryptocurrency. Cointelegraph reached out to Salvadoran authorities with questions about their future strategy and plans to improve the situation.

Bitcoin ATMs: the Key to Accessing Cryptocurrencies

While bitcoin ATMs do not directly impact local acceptance of cryptocurrencies, they provide an important option for citizens to connect and transact. These ATMs can play a vital role in areas where people do not have access to traditional banking services. However, regulators have raised questions about the potential misuse of crypto ATMs for money laundering and terrorist financing.

At a global level, there are currently approximately 38 100 crypto ATMs active in 65 countries, operated by 356 operators. Australia has been among the countries that have seen a steady growth in the number of ATMs for almost three years. In April 2024, Australia joined an exclusive club of more than 1,000 bitcoin ATMs, alongside the US and Canada.

Poland, El Salvador and other countries show how the cryptocurrency market is evolving and how the dynamics are changing in cryptocurrency adoption. Given the growing number of ATMs and interest in cryptocurrencies, this trend is expected to continue in the future.

*This is not an investment recommendation.

Coingarage team