The financial space has seen a transformative shift propelled by the emergence of cryptocurrencies. Among the notable innovations is the rapid growth of Bitcoin ATMs.
As reported by Stocklytics.com, the global crypto ATM market is forecasted to surpass $2 billion by 2028.
Stocklytics financial analyst Edith Reads reaffirmed the prediction, “The surge in global crypto adoption is driving the expansion of crypto ATMs. These ATMs offer users a convenient way to transact, bridging the gap between traditional finance and digital assets.
“Their user-friendly operations attract a growing clientele, leading to a substantial increase in their market value.”
Crypto ATMs on the rise
The crypto ATM market has experienced rapid growth, with the number of ATMs soaring from 6391 in January 2020 to 34,066 by January 2024. This is a significant 433.031% increase in four years.
The surge in the number of machines reflects a corresponding increase in their market value, which stood at $340.52 million in 2023 based on revenue. Further projections indicate that by 2028, the market value will skyrocket by 663.538% to reach $2.60 billion.
Among the factors driving this growth include increased demand for digital assets. Most people perceive Bitcoin as a hedge against traditional finance markets, leading to a preference for digital assets to secure their finances.
Additionally, the ease of converting digital assets into fiat currency and vice versa for investment purposes contributes to the popularity of crypto ATMs. Moreover, these ATMs are valued for their security and reliability, offering users a convenient means of transacting without needing an online crypto wallet.
ATMs distribution
By 2028, North America will emerge as a dominant force in the global distribution of crypto ATMs. Additionally, most crypto players, including Bitcoin Depot, CoinFlip, and Coin Cloud, will have their base in the region.
Installing Bitcoin ATMs in public spaces is taking shape in North America. The USA has installed over 30,000 crypto ATMs, and Canada maintains substantial numbers.
Following North America, Europe is witnessing the gradual establishment of Bitcoin ATMs, accounting for more than 3% of the total global installations. In contrast, Asia, once a potential powerhouse in this market, has faced setbacks due to the crypto crackdown in China, resulting in a loss of its competitive status among its peers.
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