El Salvador Leads LATAM in Cryptocurrency Adoption

Far ahead of its regional competitors such as Puerto Rico and Mexico in Latin America, El Salvador has been leading in LATAM cryptocurrency adoption with 215 Bitcoin ATMs, according to Coin ATM Radar.

Puerto Rico is in second place with 162 Bitcoin ATMs while Mexico, which is ranked third in the region, has only 100 Bitcoin ATMs, a 100% less than El Salvador indicating a substantial discrepancy, Coin ATM Radar said.

More than 37,249 of the world’s operating ATMs accept Bitcoin transactions as of 24 January 2025, and among them, nearly all – 7,238 – support Bitcoin transactions, while only 18,472 facilitate altcoin operations.

This remarkable achievement underscores El Salvador’s pioneering role in incorporating cryptocurrencies into its economy, especially following its landmark decision to adopt Bitcoin as legal tender in 2021.

Panama is ranked fourth with 42 ATMs, while Colombia rounds out the top five with 34, highlighting varying adoption rates of cryptocurrency services within the region.

Bitcoin’s Dominant Role         

This discrepancy underscores Bitcoin’s dominant role as a decentralised peer-to-peer payment system, far outpacing other cryptocurrencies like Ethereum, despite the latter’s status as the second-largest cryptocurrency by market capitalisation, according to a media report.

Data from Coin ATM Radar shows that the top 10 operators control 28,771 ATMs, or 77.2% of the total. Some 346 smaller operators manage the remaining 22.8% across 8,477 ATMs and this concentration could influence competition and innovation in the sector.

The report also said that El Salvador’s dominance in Bitcoin ATMs offers valuable insights into fostering cryptocurrency adoption. Its proactive policies and investments in Bitcoin infrastructure serve as a model for other countries aiming to integrate digital currencies.

However, the uneven pace of adoption across Latin America points to the challenges of digital transformation. Nations looking to bridge the gap must address technological infrastructure and regulatory frameworks to unlock the full potential of cryptocurrencies.

As the world increasingly transitions to digital currencies, the growth and distribution of Bitcoin ATMs will play a critical role in shaping the future of cryptocurrency adoption in Latin America, the report added.