Today more and more people are joining the rows of cryptocurrency users, more and more companies are offering payment options that presuppose transactions with cryptos and, in general, using of cryptocurrencies is becoming easier and more convenient.
Given these factors, the business-to-business research firm MarketsandMarkets has conducted a study devoted to the cryptocurrency ATM market. According to the obtained results, it is believed that the market will show a compound annual growth rate (CAGR ) of 54.7% within the next 5-year period.
While at the moment the Bitcoin ATM market values $16.3 million (in 2017, this indicator was $6.8 million), experts expect it to achieve$145 million in value by 2023.
Currently, there are 3 650 Bitcoin ATMs in the world, while early last month there were 3 500 of them. Taking into consideration these figures, we can make a conclusion that every day approximately four new Bitcoin ATMs are installed somewhere on the Earth which also means that the market value is growing actively.
Across the globe, the largest market for cryptocurrency ATMs by 2023 will continue to be North America. This will be a maintenance of the status quo, as currently, North America has 73.07% of the bitcoin ATMs in the world, with the United States being the clear leader. The survey attributed this to a regulatory environment that is relatively conducive for cryptocurrencies.
“The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers),” the report titled “Crypto ATM Market – Global Forecast to 2023” said. “In 2017, the Government of Mexico declared bitcoin legal, and it would be regulated by the Fintech Law. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.”