Cryptocurrency : El Salvador plans to be the second country with the most bitcoin ATMs in the world

Key facts:

The Athena Bitcoin company will work in a first phase of setting up an ATM in each department.

With the first stage, the Central American country would be among the Latin nations with the most teams.

The bitcoin automated teller machine (ATM) operator, Athena, will assume the installation of 1,500 new equipment in El Salvador, where there are barely 3 of them. The company has not yet calculated how long it will complete the assembly of all the machines, but when it does, the small Central American nation will be included in the ranking of countries with the most cryptoassets in the world.

“The time will depend on the speed and dynamism with which the people of El Salvador adopt bitcoin. This Bitcoin Law is something new in the history of the world, so we have to see and adjust the expansion according to the speed with which people need these ATMs, “said Athena’s director for Latin America, Matias Goldenhorn, when CriptoNoticias He asked him how long the company estimates that at least 1,000 new equipment can be installed.

Athena Bitcoin’s initial plan is place an ATM in each of the 14 departments of El Salvador for which the company calculates to invest more than 1 million dollars. As part of this initial plan that emerged after the enactment of the Bitcoin Law, the first of these equipment was installed on Thursday, June 24, in the La Gran Vía shopping center in the Antiguo Cuscatlán municipality, belonging to the department of La Libertad in San Salvador.

The Minister of Economy, María Luisa Hayem, from El Salvador, along with Athena representatives during the installation of the bitcoin ATM in the La Gran Via shopping center. Source: Twitter.

In february of last year Athena installed her first equipment in Salvadoran territory. As reported by this media at that time, the ATM is located at the Café Cocoa on El Zonte beach. There is also a third in El Tunco beach that belongs to another operator, both in the department of La Libertad.

El Salvador would have more bitcoin ATMs than Canada

Although there is no timeline regarding when there will be 1,500 bitcoin ATMs in the country, if achieved, El Salvador would be competing with Canada which currently has 1,379 ATMs. It is only surpassed by the United States where there are more than 16,000 computers, as shown by the ranking of countries with the most BTC ATMs in the world, prepared by the Statista pollster.

However, upon completing the first phase of 14 installed bitcoin ATMs, El Salvador will be among the Latin American countries with the highest average of these teams over its territory. This considering that, currently, there are 28 in Colombia, 18 in Panama and 16 in the Dominican Republic.

In any case, with a territory of just 21,040 km2 and a population of approximately 7 million people, the Central American nation would be among the smallest countries in the world that would have the greatest bitcoin ATM coverage. This if the 1500 ATMs for the entire country are specified, as is in the plans of President Nayib Bukele. As Goldenhorn commented, then the country would have a reach of less than 4,000 people per device.

Other companies would also be working to install more bitcoin ATMs in the country. One of them is ChainBytes, which stated on Twitter that it would be working on prototypes for El Salvador, but its specific plans are little known since the company has not yet responded to a request for comments sent by CriptoNoticias.

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