The Future of Cryptocurrency ATMs: An In-depth Look at the Next 5 Years of Global Adoption
The cryptocurrency adoption fever hit an all-time high pitch at the end of 2017 when the industry witnessed a pump in the prices of their favorite cryptocurrencies. However, since then the overall demand has reduced significantly despite an increase in the number of digital asset wallet holders. The major problem is definitely the government regulations surrounding the assets which continue to make more investors skeptical. Notwithstanding, the industry also suffers greatly from the barriers to entry such as lack of platforms to buy the cryptocurrencies and expensive fees.
Such problems in the cryptocurrency industry are being solved with the latter the subject of our discussion today as the number of Bitcoin ATMs expected to exponentially grow in the next 5 years.
Bitcoin ATMs Growth Targets 10X Current Value Generated
A new publication is listed on the Researchandmarkets.com website, a global research store, titled,
“Crypto ATM Market – Forecasts from 2019 to 2024”.
The research places the current value transacted by BTC automated teller machines at $18.153 million USD and is expected to grow to $183.779 million USD. This represents a spiked compound annual growth rate (CAGR) of 46% per year which is pretty astonishing for the adoption of BTC.
Bitcoin ATM provides direct access to people to buy and sell BTC which increases the adoption rate of the coin. With the popularity of BTC rising across institutions and big media stations, the demand for the coin is imminent and there will be the need for crypto kiosks.
Asia Pacific Region Showing The Largest Potential From Growth
North America and Europe boast having the highest number of Bitcoin ATMs currently with over half the total number of ATMs across the world. However, according to the report, the demand for ATMs is rising in the Asia Pacific region which will see a soar in the number of Bitcoin ATMs. The increase in disposable income and interest in the digital assets in the Asia Pacific region will also push for more ATMs in the region.
This research study examines the current market trends related to demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market.
The Growth Ain’t Stopping
ATMs keep cropping up across the United States and the world in general. In essence, Chicago has seen a boost of over 100 Bitcoin ATMs as Atlanta based, Lux Vending, took initiative in the adoption process of Bitcoin. Banks across the South Pacific region are adopting the idea as digital assets awareness grows.