El Salvador is significantly climbing up the ladder when evaluated using criteria that designate key Bitcoin hotspots in the globe after the acceptance of Bitcoin (BTC) as legal money. According to statistics from Bitcoin ATM Radar, El Salvador is now the third-largest country in the world with the most Bitcoin-backed Automated Teller Machines.
With Bitcoin rapidly becoming a popular asset, technological advancements have resulted in ATMs, simplifying the public’s perception of the cryptocurrency. Bitcoin ATMs have become important for nations like El Salvador in their newfound Bitcoin as legal currency age due to their simplicity in converting Bitcoin holdings into fiat cash in real-time.
The country, whose Bitcoin law went into force on September 7, currently boasts a total of 205 Bitcoin ATMs, accounting for a quarter of the 290 ATMs in South America. The United States, in particular, has the most Bitcoin ATMs, with a total of 23,897. (86.4 percent of the total number of global installations). With 1,280 ATM locations, Europe is second only to the United States, accounting for 4.6 percent of all ATM outlets globally. The more convenient it is for consumers to use a Bitcoin ATM, the more likely they find the leading cryptocurrency useful. El Salvador‘s drive is futuristic because of its strategic placement.
In a larger sense, some El Salvadorans may be anti-Bitcoin, since several of the country’s freshly installed Bitcoin ATMs were vandalized last week as residents flooded the streets to voice out against the government and the Bitcoin law. While this protest is unlikely to overturn the new law, the adoption of Bitcoin as legal money will undoubtedly occur over the following few months.