A growing number of Bitcoin ATMs are quickly making their presence known.
This month, we’re likely to see more than 4,000 of them installed. At the moment, we’re up to 3,992 in 75 countries according to CoinATMTRadar.com.
Granted, that’s low in comparison with the millions of traditional banking ATMs. But this is just the start. The good news – daily there are more than 6 installations of Bitcoin ATMs around the world.
The Global ATM Market could be Worth $145 Million
By 2023, the global ATM market could be worth as much as $145 million. That’s according to a study by the B2B firm, Markets and Markets. They note the market could grow at a compound annual rate of 54.7% over the next five years.
Experts expect that the largest market for cryptocurrency ATMs by 2023 will continue to be North America, which currently stands at 73%. Therefore, this makes the US the leader in the installation of cryptocurrency ATMs.
“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” noted. “In 2017, the Government of Mexico declared Bitcoin legal. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.”
Canada, ranks second with 600 ATMs. Indonesia, Saudi Arabia, Iceland, Thailand, Cyprus, Philippines, and Germany, have one Bitcoin ATM each.
Global Adoption Gaining Momentum and Bitcoin ATMs will Accelerate this
The number of businesses accepting cryptocurrency is growing by leaps and bounds. Intuit, PayPal, Dish Network, and Overstock are some of the biggest.
At Microsoft for example, you can buy content in the Windows and Xbox stories. The company was even behind the launch of Azure Blockchain as a platform that allowed larger-scale businesses to use blockchain to facilitate settlements.
In short, it would appear the crypto boom has only just begun. Similarly, these ATMs will assist with the global adoption of cryptocurrency.
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