December 7, 2022

Global Crypto ATM Market Size Expected to Grow by over 60% by 2030

Crypto ATMs

Crypto ATMs

The global crypto ATM market size is predicted to grow by a CAGR of 61.7% from 2022 to 2030 to reach $5,450.9 million by 2030, according to a recent report by Grand View Research.

The study attributed the expected increase to two key factors, including the expanding usage of cryptocurrencies for making payments at several retail stores and the crypto ATM’s capability of converting the cryptocurrencies into fiat fash, saying selling cryptocurrencies at the ATMs pushes the market forward.

“The rising awareness and adoption of cryptocurrencies among retailers, such as Walmart and Circle K, are expected to drive the growth of the crypto ATM market over the forecast period. <…> In addition, several businesses, including restaurants and commercial spaces, are involved in installing crypto ATMs to earn extra revenues, which is expected to further fuel the market’s growth,” the research said.

Moreover, Grand View Research pointed out that the coronavirus partly contributed to the increasing usage of crypto ATMs as a better way for users to process the storing, purchasing, and selling of digital assets.

Other factors, mentioned by the research, were the increasing awareness and adoption of cryptocurrencies among retailers, such as Walmart and Circle K, and growth in the acceptance of bitcoin payments. It mentioned that according to a survey of Bitstamp in 2022, 75% of retail investors and 88% of institutional investors see that cryptocurrencies would see accepted adoption in the coming ten years.

In addition, restaurants and commercial spaces rush to install crypto ATMs to earn more revenue, a matter which helps the global market to grow.

According to the research’s key insights, North America led the regional market in 2021 due to the high availability of crypto ATMs and the legalization of cryptocurrency across the region, followed by Europe and Asia Pacific. While the Middle East, Africa, and Latin America are predicted to have the least share of crypto ATMs.

The study noted that other cryptocurrencies besides Bitcoin will record interest, like Ethereum, Dogecoin, and Litecoin. According to data obtained by Finbold, there are 38,538 crypto ATMs in 77 countries.

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