El Salvador has emerged as the clear leader in Latin America and the Caribbean in terms of the number of functioning Bitcoin ATMs, demonstrating the country’s pioneering role in cryptocurrency adoption.
According to Coin ATM Radar, El Salvador has 215 Bitcoin ATMs, far surpassing its regional competitors.
This development is a continuation of the country’s resolve to incorporate cryptocurrencies into its national economy, especially after becoming the world’s first country to accept Bitcoin as legal cash in September 2021.
Puerto Rico is ranked second after El Salvador, with 162 Bitcoin ATMs.
However, the discrepancy between these two regions is significant.
Mexico, which ranks third, has only 100 ATMs, a startling difference of more than 100% from El Salvador’s count.
This data demonstrates a significant geographical disparity in Bitcoin use and infrastructure, with El Salvador at the forefront of this technological transition.
ATM landscape in Latin America
The data shows more about the crypto ATM ecosystem in Latin America.
For example, Panama ranks fourth with 42 Bitcoin ATMs, while Colombia rounds out the top five with 34.
These figures show a considerable disparity in the adoption rate of Bitcoin services across the region.
There have been fluctuations since December 1, 2022, when the total number of operational Bitcoin ATMs peaked at 39,959.
However, as of late 2023, the growth trajectory appears to be stabilizing, with roughly 37,249 ATMs active by January 24, 2025.
What sticks out is that, of the 37,249 functioning ATMs, an amazing 37,238 are capable of processing Bitcoin transactions. In contrast, only approximately 18,472 ATMs accept various altcoins.
Despite Ethereum’s position as the market’s second most significant cryptocurrency, Bitcoin’s availability at ATMs much outstrips that of its closest competitor, underscoring its fundamental role as a decentralized peer-to-peer payment method.
Operators and market dynamics
The operating environment is also influenced by the software vendors of these Bitcoin ATMs.
According to Coin ATM Radar, the top ten operators account for 28,771 ATMs or 77.2% of the total installations.
Meanwhile, 346 other operators are contributing 8,477 ATMs, accounting for the remaining 22.8%.
This concentration means that a few important businesses are dominating the market, which may have an impact on sector rivalry and innovation.
The prevalence of Bitcoin ATMs demonstrates not just an increasing acceptance of cryptocurrencies, but also a disparity in how governments and territories are adopting this technology.
Countries that fall behind in ATM installations may encounter difficulties in integrating digital currencies into their economies, especially if Bitcoin gains acceptance worldwide.
A future-oriented approach
El Salvador’s leadership in Bitcoin ATMs represents a larger trend toward cryptocurrency adoption, making it a case study for other countries.
The country’s proactive approach to allowing and promoting Bitcoin transactions teaches important lessons on how to maximize the potential of blockchain technology.
However, considerable disparities in adoption across the continent reflect the uneven speed of digital transformation in Latin America.
Countries seeking to catch up with El Salvador’s accomplishments must evaluate both the technological infrastructure and legislative frameworks required to effectively enable Bitcoin adoption.
As the globe moves toward digital currencies, the focus will most likely stay on how regions can adapt and innovate in response to this changing financial landscape.
The continued expansion of Bitcoin ATM installations throughout Latin America will be essential in determining the region’s cryptocurrency future.
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