Bitcoin ATM Market to Hit $860.3 Million by 2028

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The Bitcoin ATM market will grow at a pace set by its key players. North America dominated the global market and is expected to maintain its leading position through 2028.

Dallas, Jan. 28, 2022 (GLOBE NEWSWIRE) — The benefits associated with bitcoin ATMs such as convenience, simplicity and security to accommodate a growing number of bitcoin users would remain the main growth driver for the global ATM market. Bitcoin automatics throughout the forecast period. Adriot Market Research learns more about the dynamics, favorable triggers, existing obstacles and trends in its latest research report.

Bitcoin ATMs are widely recognized for their ease of use among customers, as these interfaces are designed to remain convenient and secure, aligning with user interests and asset security. A bitcoin ATM allows users to instantly receive bitcoin in the wallet soon after inserting fiat, accessible on a user-friendly interface. Furthermore, the inclusion of in-store bitcoin ATMs in shops and stores to encourage customer footfall is a significant growth booster for the global bitcoin ATM market.

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Installing Bitcoin ATMs at Stores and Gas Stations to Accelerate Adoption

Bitcoin ATMs are becoming a convenient transaction model for cryptocurrencies. As the functionality and basic structure closely matches that of an ordinary ATM, customer acceptance has always remained strong. Public places such as gas stations, general stores, pharmacies, restaurants, and cafes are aggressively investing in installing Bitcoin ATMs on premises. This should provide an extra boost for years to come.

Doubling of Bitcoin ATMs in Less Than a Year Suggests a Healthy Growth Map

The latest reports from Coin ATM Radar, a data compilation website for crypto ATMs, claimed that the number of Bitcoin ATMs has increased astronomically, almost doubling in less than a year. Currently, more than 80 countries have Bitcoin ATMs, and that number is expected to increase further as the fiat-based cryptocurrency exchange becomes more inclusive. These developments indicate a very healthy growth roadmap for the global Bitcoin ATM market and is expected to exceed USD 2.5 billion by 2026, growing at a CAGR of 52%.

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Market players are investing heavily to improve reach and geographic penetration. Recently, Athena Bitcoin announced its investment plans worth USD 1 million to set up Bitcoin ATMs in El Salvador. These Bitoin ATMs would be used for Bitcoin trading.

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Money laundering remains a persistent challenge hampering growth

Amid the rapid growth in the adoption of Bitcoin ATMs and the mainstreaming of cryptocurrency, money laundering remains a major impediment to growth. To seize these opportunities, several countries are introducing new legal reforms and formalities to improve transparency. For example, in the United States, it is mandatory for Bitcoin ATM operators to register with FinCEN (Financial Crimes Enforcement Network) and adhere to the standards of the Bank Secrecy Act for Anti-Money Laundering. Additionally, the lack of awareness and optimal understanding to restrict adoption in developing countries, amid growing security compromises.

The global Bitcoin ATM market is a rapidly growing industry and is divided into several segments. Broadly, the market is categorized into type, comprising one-way and two-way. Further, by hardware components, the global Bitcoin ATM market is diversified into QR scanner, ATM printer, and display. Both Cloid-based AI and On-device AI are operations-based segments. By type of cryptocurrency, the global Bitcoin ATM market is divided into Litecoin, Ripple, Ethereum, and Bitcoin. Based on the application, transportation hubs, restaurants, and shopping malls are the major application segments. Based on geographic diversification, Europe, North America, South America, APAC and MEA are the dominant regions.

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Scope of the Bitcoin ATM Market Report

Metric

Details

Study period

2018-2028

base year

2018

Fastest growing market

North America

CAGR

45%

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