Grand View Research projects the global bitcoin ATM market to grow nearly 60% per year.
Bitcoin ATMs are more concentrated in restaurants, hotels, and shopping malls.
The size of the global cryptocurrency ATM market is expected to grow by 59.2% per year, at least from 2022 to 2028, market research agency Grand View Research revealed on 17th June. January, which estimates that for that year the industry will reach a valuation of USD 1,880 million.
The reasons behind this projection are “the constant increase in the number of new cryptocurrency users and the subsequent need for ATMs to convert them into fiat money”, according to reported.
One of the reasons that encourages the use of bitcoin ATMs is that they allow you to buy the cryptocurrency with cash from a reliable source.. This is also easier for users looking for more traditional methods rather than using online platforms from home or anywhere.
Likewise, the sale of cryptocurrencies from the cell phone stands out. The company mentioned that, according to statistics from the information agency Coin Dance last March, 62% of the world’s people used computers or tablets to exchange bitcoins and 34% cell phones.
In any case, the company declared: “the increasing penetration of smartphones is one of the main factors that accentuate the growth of the market”. He says this 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 perhaps encourage its use is that, in countries like Spain, there are ATM companies that do not request personal data to use them. As CriptoNoticias reported, this is the case of the bitcoin ATMs that will open in Carrefour shopping centers in Spain. This differs from Chivo ATMs in El Salvador, for example, which do ask for private information.
Bitcoin ATMs will increase in shopping malls
Grand View Research reported that the bitcoin ATM market was globally worth $75 million last year. The company also stated that Hardware Segment Leads Crypto ATM Market in 2021.
On this, he noted that “the bitcoin segment dominated the market in 2021 and accounted for a revenue share of more than 30%.” It proves that The growing acceptance of bitcoin as a payment method around the world is driving the demand for bitcoin ATMs..
Various financial service providers are aggressively trying to include bitcoin services in their respective service portfolios. For example, in April 2021, PayPal announced that it would allow users to pay in bitcoin at checkout with various merchants. The initiative was intended to help the company gain a competitive advantage.
About the places where bitcoin ATMs have gained the most ground, restaurants, hotels and hospitality sites stand out. Second, shopping malls and transportation stations. The agency estimates that the segment that will grow the fastest is that of commercial spaces.
“A number of commercial space operators are aggressively trying to provide cryptocurrency ATM services to their customers as part of efforts to improve their services,” he stated. An example of this is the 200 bitcoin ATMs opened by the Walmart supermarket chain.
For now, the market is dominated by North America with a revenue share of more than 45% generated mainly by the United States, the research agency said. But also is gaining presence in Spanish-speaking countries, such as Uruguay, Panama, El Salvador and Spain, which the latter stands out for its greater dominance.