ATM adoption has continued to grow, despite the bear market that affected the industry last year.
Data from CoinATMRadar indicates that the number of installed crypto ATMs globally reached 38,597 as of December 30, an increase of 4,239 machines from 34,358 in January 2022.
In September, the number of crypto ATMs installed stalled for the first time, according to a previous report. By 2030, another report estimates that the crypto ATM market will grow by over 60% despite the volatile market.
Further, most businesses in this sector have been adversely affected by the prevailing bear market. Most businesses, including ATM operators, have been forced to slow down their growth trajectory, awaiting a more stable market.
Several factors contribute to the growth of crypto ATM adoption. More businesses are accepting digital currencies as payment, making cryptocurrency increasingly common for everyday transactions.
As the general public becomes more aware of and understands cryptocurrency, there is an increasing demand for convenient and accessible buying and selling methods.
Also, the last crypto bull run of 2021 led to an increase in ATM usage in different jurisdictions. As an alternative to traditional financial systems, ATMs play a crucial role in encouraging the adoption of digital assets.
According to a report by Grand View Research, Crypto ATMs are expected to be worth over $5 billion by 2030. A rise in the number of retail stores accepting digital assets for payment is cited as the cause of the rise by the analytics firm.
Walmart installed 200 Bitcoin ATMs in its stores across the country in 2021 as part of its pilot Bitcoin ATM program.
Researchers found that consumers appreciate the ability to liquidate virtual currencies and convert them instantly into fiat dollars at ATMs. This is one of the most significant factors driving the market for crypto ATMs.
A growing number of customers demand advanced crypto ATMs as a result of the Covid-19 pandemic, the report finds.
The report also reveals the market dominance of North America last year. The high availability of crypto ATMs and the legalization of digital assets in North America are likely to contribute to the region’s growth in the digital asset market.
The outlook for crypto ATMs will be interesting to monitor if the bear market persists into 2023.
Crypto ATMs still face regulatory scrutiny in addition to the implications of the bear market. It is common knowledge that some jurisdictions view crypto ATMs as conduits for money laundering. The Federal Bureau of Investigation (FBI) warned that crypto ATMs and QR codes were being misused by hackers to deceive people.