Data shows that despite the digital assets market’s difficulties in 2022, the number of crypto ATMs increased. The number of Bitcoin ATMs has risen by 506% since January 2020, as reported by the ATM tracking app Coin ATM Radar. The number of Bitcoin ATMs at that time was 6,362.
However, by December 30, there were 38,597 deployed crypto ATMs globally, up around 4,239 over the 34,358 devices counted in January 2022, per CoinATMRadar.
Furthermore, the study also reveals that users appreciate ATMs’ capacity to liquidate virtual currencies and rapidly change them into fiat dollars, which is a crucial element fueling the development of the crypto ATM business.
Several reasons have contributed to the increase in the usage of cryptocurrency ATMs. More people are using crypto for routine transactions, and more companies accept them as payment.
Additionally, there is a higher need for easy and simple alternatives to trade digital assets due to the general public’s growing knowledge of and interest in cryptocurrency.
The survey also reveals that as consumer demand for advanced crypto ATMs grew, the Covid-19 epidemic had a role in the market’s growth.
In The Future, Crypto ATM Market Growth
According to a recent survey by market research firm Grand View Research, the market for cryptocurrency ATMs might be worth more than $5 billion by 2030. Based on the analytics company, the rise is due to more retail stores accepting digital assets as payment.
The increasing awareness and acceptance of cryptocurrencies by retailers like Walmart and Circle K is expected to contribute to the growth of the crypto ATM market in the coming years.
North America topped the regional market last year, the survey also indicates. Because of the popularity of cryptocurrency ATMs and the region’s extensive regulation of digital assets, the North American industry will probably continue to expand.
As per Grand View Research is important to note that if the bear market continues into 2023, it will be interesting to watch how the situation affects the forecast for crypto ATMs.
In addition to the bear market’s effects, regulatory oversight continues to pose a danger to the crypto ATM sector. For instance, some authorities consider crypto ATM gateways for money laundering.
Moreover, the FBI alerts the public about scams that use Quick Response (QR) codes and crypto ATMs to process payments. The FBI has noticed a surge in scammers asking prospective victims to make payments via digital QR codes and actual crypto ATMs.