Following the increase in the number of cryptocurrency users, the global bitcoin ATM market is expected to reach $1.88 billion by 2028.
According to a report published by market research and consulting firm, Grand View Research Inc., the cryptocurrency ATM market is tipped to expand at a compound annual growth rate (CAGR) of 59.2% between 2022 and 2028.
The report forecasts that within six years, crypto enthusiasts will continue to use crypto ATMs to convert major coins like bitcoin, dogecoin, ethereum, and litecoin, among others to fiat, and vice versa.
Factors Backing the Forecast
Notably, the projected surge of the crypto ATM market is expected to be driven by several factors, including the COVID-19 pandemic as well as the growing number of global cryptocurrency users, which has continued to be on the increase in recent times.
Citing stats provided by cryptocurrency payment company Triple A, Grand View stated last year alone that the number of crypto users had reached 300 million and that they had continued to seek faster and more secure means to convert their digital currencies like bitcoin to fiat, and vice versa.
Crypto enthusiasts are also demanding ways that will enable them to use cryptocurrencies in payments, prompting retailers to provide bitcoin ATMs in their stores to facilitate the easy conversion of the asset class into fiat.
One popular example is Walmart Stores partnering with Coinstar and Coinme to install 200 bitcoin ATMs across its various outlets in the United States.
Growth in Bitcoin ATM Installation
Aside from retail stores launching bitcoin ATMs to enhance their customer experience, several cryptocurrency ATM providers are not slowing down in their quest to install more machines across various parts of the world.
In September 2021, the number of cryptocurrency ATMs installed globally surpassed 28,000, with the U.S. and Canada leading as the countries with the highest number of installations.
Interestingly, the number of installed crypto ATMs has surged tremendously, exceeding 30,000.
At the time of writing this line, there are currently 34,798 crypto ATMs installed in 77 countries by 43 providers, according to data on popular bitcoin ATM tracker CoinATMRadar.
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