Despite huge growth, cryptocurrency ATMs might still be a little difficult to find. That could change quickly in the next fear years, as one report forecasts the market for the machines will grow tenfold by 2024.
ResearchAndMarkets.com recently released their findings that crypto ATMs, where users can deposit and withdraw digital currencies like Bitcoin, will experience a compound annual growth rate (CAGR) of 46.6% for the next five years, and grow from its current market of $18.5 million to $183.8 million by 2024.
They expect this growth will be spurred on by increasing demand for crypto, and increased adoption of currencies like Bitcoin SV (BSV) amongst the hospitality industry.
One roadblock to this growth will be a lack of, or inconsistent, regulation by global governments. The crypto industry is increasingly begging for a clear regulatory to build their businesses towards. Without it, many fear that the industry will work its way towards an eventual downfall of suddenly changed rules.
The report notes that crypto ATMs are becoming increasingly more common in North America and Europe. Where growth can really stand to explode is in Asia, where the middle class is growing quickly, and more disposable income will mean consumers who want to spend, and want to spend with their crypto balances. The report notes this will “drive the demand of these ATM in the Asia Pacific region over the forecast period.”
This might be good news for traditional ATM manufacturers, who are quickly seeing cash ATMs lose favor as more and more people forsake cash for digital currencies and payment options. They will have to contend with players who have already moved into the space though, as the likes of Coinsource have set up shop in New York, UnionBank have made the first move in the Philippines, and other players have already made a move on Africa.
This expected crypto ATM growth is a great sign for true believers of digital currency. Increasing demand for cryptos like lead to a better supply of options, which will in turn inspire more people to look into this new money and increase demand once more.
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