A study conducted by business-to-business research firm MarketsandMarkets shows that the Bitcoin and cryptocurrency ATM market will grow at a compound annual growth rate of 54.7% between 2018 and 2023. Therefore, the market value of the Bitcoin ATM market will rise to $144.5 million over the next five years. Currently, the number of global Bitcoin ATMs is 3,650, and an average of 4 bitcoin ATMs are installed per day.
With the increase in cryptocurrency awareness and cryptocurrency adoption, the Bitcoin ATM market is expected to expand at a compound annual growth rate of more than 50% in five years.
More and more ATMs indicate that more and more people will use Bitcoin, and Bitcoin is truly becoming the mainstream currency of people's daily lives. The bitcoin trading market is gradually maturing.
A study conducted by business-to-business research firm MarketsandMarkets predicted bitcoin futures that the cryptocurrency ATM market will grow at a compound annual growth rate of 54.7% between 2018 and 2023. Therefore, the Bitcoin market value of ATM market will rise to $144.5 million over the next five years.
Currently, the number of global Bitcoin ATMs is 3,650, which is higher than the 3,500 announced by CCN earlier this month. The cryptocurrency ATM tracking website Coin ATM Radar shows that an average of 4 bitcoin ATMs are installed per day. It is estimated that the market value of the cryptocurrency ATM market last year was $6.8 million, but has since grown to $16.3 million in 2018.
The study also showed that two-way ATMs that allow users to purchase and sell cryptocurrencies from a single device would achieve a higher compound annual growth rate than one-way ATMs. However, one-way ATM currently accounts for 62.49% of the market share, and two-way ATMs account for 37.51%.
Regarding hardware issues, research shows that the display portion of the Bitcoin ATM market is expected to become a more popular part over time. Currently, other market segments include QR scanners and ATM printer types. The user friendliness of display hardware will be largely attributed to popularity. In addition, display hardware has the added benefit of cost savings for those who wish to set up bitcoin ATMs because keyboards and other additional hardware are not required.
By 2023, the world's largest cryptocurrency ATM market will continue to remain in North America. Currently, North America has 73.07% of the world's bitcoin ATM, and the United States is the industry leader. The survey attributed this to a relatively favorable cryptocurrency regulatory environment.
The book, "The cryptocurrency ATM market - a global forecast by 2023," writes:
“Because of the large number of cryptocurrency ATM hardware and software providers and a favorable investment environment (without any legal barriers), the US is expected to continue to dominate the cryptocurrency ATM market during the forecast period. In 2017, the Mexican government announced that Bitcoin is legal and will Regulated by the Financial Technology Act. In addition, Canada has recorded a large number of startup activities, particularly in the field of cryptocurrency."