Grand View Research projects the global bitcoin ATM market to grow nearly 60% per year. Bitcoin ATMs would be more concentrated in restaurants, hotels, and shopping malls.
The size of the global cryptocurrency ATM market would grow by 59.2% per year, at least from 2022 to 2028, market research agency Grand View Research revealed on 17th June. January would become the month for the industry to reach a valuation of USD 1,880 million.
The reasons behind this projection are the constant increase in the number of new users of cryptocurrencies and the subsequent need for ATMs to convert them into fiat money, as reported.
One of the reasons that encourage the boost of bitcoin ATMs is that they allow users to buy cryptocurrency with cash from a reliable source. This usage is also easier for users looking for more traditional methods and avoiding online platforms from home or anywhere.
Likewise, crypto businesses from the cell phone stand out. The company mentioned that, during last March, 62% of the people worldwide used computers or tablets to exchange bitcoins and 34% cell phones.
The company declared that the increasing penetration of smartphones is one of the main factors that accentuate the growth that currently impacts the market. The company exposed this idea because mobile devices allow users to take advantage of ATM capabilities, such as scanning a QR code to provide a bitcoin address instead of typing the code.
Something that could also encourage ATM’s use is that, in countries like Spain, there are ATM companies that do not request personal data to use them. This is the case of the bitcoin ATMs that will receive its activation in Carrefour shopping centers in Spain. This information might differ from Chivo ATMs in El Salvador because they ask for private information.
Bitcoin ATMs will Increase in Shopping Malls
Grand View Research highlighted that the bitcoin ATM market was globally worth $75 million last year. The company stated that the hardware segment became the leader of the cryptocurrency ATM market in 2021.
About the spots where bitcoin ATMs have gained the most ground, restaurants, hotels, and hospitality sites stand out. Second, there are the shopping malls and transportation stations. The agency estimates that commercial spaces are the segment that will grow the fastest.
The agency stated that many commercial space operators are aggressively trying to provide cryptocurrency ATM services to their customers as part of efforts to improve their services. An example of this effort is the 200 bitcoin ATMs launched by the Walmart supermarket chain.
The market got dominated by North America with a revenue share of more than 45% generated mainly by the United States, the research agency said; although it is also gaining a presence in Spanish-speaking countries, such as Uruguay, Panama, El Salvador, and Spain, the latter of which stands out for its greater dominance.
By: Jenson Nuñez
