Even as cryptocurrency values dropped, the number of ATMs has exploded, globally.
In fact, according to Coin ATM Radar, there are now 5,055 of them around the world. At the moment, the U.S. has the most with 3,271 machines installed. New Jersey has 177 Bitcoin ATMs. New York has 125. Illinois has 360 of them.
Globally, Austria has 267. Canada has 690. Argentina now has nine. Germany has 36. Hungary has 26. The Dominican Republic has 12. Mexico even has 12. Norway has two. France has one. Japan has three. Finland has 13. Even Kenya has one.
And those numbers will only grow, in our opinion.
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.”
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.
Even Facebook, which is reportedly weeks from launching its own cryptocurrency could be made available at ATM cash machines.
In short, it would appear the crypto boom has only just begun.