Research And Markets has published a report on the Bitcoin ATM industry, and projects that it will grow from USD 16.3 million in 2018 to USD 144.5 million by 2023, with an average yearly growth rate of 54.7%.

It is unclear what these amounts specifically mean, whether it’s the profit generated from the ATMs, the amount of money it takes to manufacture the ATMs, or both. Regardless, the report says the Bitcoin ATM industry will grow an astonishing 787% during the next five years. This is in agreement with current data, which shows that eight new Bitcoin ATMs are being installed every single day.

Right now, there are 3,700 Bitcoin ATMs. Less than a month ago on 8 August 2018, Bitcoin News ran a story on how the number of Bitcoin ATMs is growing exponentially, and how there are 3,500 Bitcoin ATMs in the world, versus 2,090 at the beginning of 2018, 949 at the beginning of 2017, 502 at the beginning of 2016, 327 at the beginning of 2017, and a mere four at the beginning of 2014. Some 200 new Bitcoin ATMs have been installed since that article was written. Clearly, Bitcoin ATMs are a profitable business model and they are proliferating globally.

Research And Markets says two-way Bitcoin ATMs will have the highest growth rate long term. This is because two-way Bitcoin ATMs are essentially a fully functioning crypto exchange, since they can provide fiat to crypto and crypto to fiat services, and this is in high demand. In contrast, 1-way Bitcoin ATMs can only provide fiat to crypto, making them useless for people that need to cash out Bitcoins.

ATMs that print QR code wallets are expected to spread at a faster rate than ATMs that don’t provide that option. Additionally, even though North America dominates the Bitcoin ATM market at this time, Research and Markets expects the Asia-Pacific region to have the highest growth rate of Bitcoin ATMs over the next five years.

The spread of Bitcoin ATMs is providing critical infrastructure worldwide that is turning Bitcoin and crypto into a currency that can be used in everyday life, since these Bitcoin ATMs make it easy to convert Bitcoin back and forth into fiat. Additionally, the spread of Bitcoin ATMs has coincided with a drastic increase in Bitcoin’s price, and ATMs will likely prove as an essential source of demand during the next big rally.

 

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