TECH

Global cryptocurrency ATM market, according to estimates

The size of the global cryptocurrency ATM market is expected to grow in the coming years and help in the adoption of digital assets.

Notably, a new study shows that the market will grow by 61.7% between 2022 and 2030, reaching a valuation of $5.45 billion, Grand View Research said in a Dec. 1 press release.

The researchers attributed the projected growth to an increase in the use of cryptocurrencies to make retail payments, as well as helping to convert digital assets into fiat currency.

“The growing awareness and adoption of cryptocurrencies among retailers such as Walmart and Circle K is expected to drive growth in the crypto ATM market during the forecast period. Furthermore, many businesses including restaurants and commercial spaces are interested in installing crypto ATMs to generate extra income, which should further accelerate the growth of the market.” said.

Impact of the pandemic...At the same time, the researchers pointed out that the coronavirus pandemic has partially contributed to the demand for cryptographic ATMs, as users try to take advantage of software developed to process the storage, purchase and sale of digital assets.

In terms of regions, North America is expected to lead, followed by Europe and Asia Pacific. Elsewhere, Latin America, the Middle East and Africa are estimated to have the lowest share of crypto ATMs.

Furthermore, in 2021, the research cited demand for Bitcoin (BTC) related ATMs, citing the popularity of the leading cryptocurrency. In fact, in 2021, Bitcoin faced a continued bull run that resulted in the asset reaching its all-time high of nearly $69,000.

The study highlighted other assets of interest besides Bitcoin, including Ethereum (ETH), Dogecoin (DOGE) and Litecoin (LTC).

According to the research's conclusion, the current crypto winter may not have a long-term impact on the industry. As reported on September 23, Bitcoin ATM growth stalled for the first time in 2022. At that time, global crypto ATMs numbered 38,538 with installations in 77 countries.

mundophone