Since the inception of the first Bitcoin [BTC] ATM in late 2013, automated teller machines for cryptocurrencies have gradually entered the mainstream market and promoted the mass adoption of virtual currencies.
According to a report titled “Crypto ATM Market – Forecasts from 2019 to 2024,” the global market for cryptocurrency ATMs is projected to surge by a compound annual growth rate [CAGR] of 46.60%.
The predicted growth would take the valuation of crypto ATMs to a staggering $183.779 million by 2024. In comparison, the valuation was only $18.513 million in 2018.
Such immense growth is predicted owing to the increasing popularity of cryptocurrencies like Bitcoin [BTC]. The hospitality industry is yet another driving force that has fueled the mass adoption of cryptocurrency ATMs.
Cryptocurrency ATMs allow users to exchange cryptocurrencies for their fiat currencies. The installation of crypto ATMs is a significant step, but uncertain government rules and regulations hinder the installation of these automated teller machines.
According to the research report, current market trends for cryptocurrencies are related to demand, supply, and sales, in addition to major developments. The report presented information on major investors, developments in the ecosystem, and industry regulations being implemented across different regions of the world.
Major industry players profiled as part of the report were Genesis Coin, Inc., General Bytes, Lamassu, Inc., Bitaccess, Coinsource, Covault, and Mainstreet Automaten GmbH, among others.
The report also suggested that North America and Europe had the largest share of the cryptocurrency ATM market. However, the Asia Pacific region was deemed to see the highest growth owing to the “rising disposable income and growing popularity of cryptocurrency”.
Chicago was one of the cities that saw significant growth in the number of cryptocurrency ATMs, and currently has nearly 100 ATMs, at press time. New York also has 88 Bitcoin ATMs, each of which can be used to purchase BTC using cash.
The report comes days after Philippines’ Union Bank announced its collaboration with the country’s central bank to launch a Bitcoin ATM which would allow users to both buy and sell BTC for traditional fiat currencies.
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