It’s not often that the rise of the crypto ATMs is far from the news as they spread around the world, and a new report has now revealed the potential for the machines to return a compound annual growth rate (CAGR) of 46.61% by 2024.
The potential for the ATM market to blossom to USD 183.779 million over the next five years was revealed in the same recently released report entitled ‘Crypto ATM Market – Forecasts from 2019 to 2024’.
A great deal of this expected surge in the need for crypto ATMs will come from the Asia Pacific region according to the report, due to a “rising disposable income and growing popularity of cryptocurrency”. It’s also expected that the hospitality industry will see a greater demand for crypto ATMs over the coming years.
This interest from Asia has been illustrated recently by the Union Bank of the Philippines (UnionBank) launching a two-way cryptocurrency ATM under its sandbox program; an initiative was has been designed to allow crypto users to buy and sell crypto for fiat, hopefully, increasing the adoption of crypto usage in the country.
Back in the US New York now offers customers the opportunity to purchase Bitcoin using a regular credit card at machines supplied by ATM provider LibertyX with Chicago currently undergoing its own battle of the ATMs with many providers vying for trade.
The number of installed Bitcoin ATMs has increased by 720 percent since 2016 and is set to increase for one clear reason according to Dom Garret, director of engagement at Coinme:
“Much like the current financial system, the digital currency economy has roadblocks to those who want to take part. From those who do not have access to a bank/debit card to those operating in a cash economy, the physical machines represent an ideal on-ramp that people trust to enter the digital currency economy.”
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