As cryptocurrency awareness and adoption grows, the bitcoin ATM market is forecast to expand at a CAGR of over 50% in a five-year period.
This is according to a study conducted by business-to-business research firm MarketsandMarkets indicating that the cryptocurrency ATM market will grow at a compound annual growth rate of 54.7% between 2018 and 2023. Consequently, the value of this market will rise to a figure of $144.5 million in the five-year period.
At the moment, the number of bitcoin ATMs in the world is 3,650, up from a figure of 3,500 that CCN reported early last month. On a daily basis, an average of approximately four bitcoin ATMs are installed, according to cryptocurrency ATM tracking website, Coin ATM Radar. It is estimated that the cryptocurrency ATM market was worth $6.8 million last year but has since then grown to reach a figure of $16.3 million in 2018.
The study also determined that two-way ATMs, which allow users to both buy and sell cryptocurrencies from a single device, will enjoy a higher CAGR compared to one-way ATMs. However, one-way ATMs currently dominate the market at 62.49% against a percentage of 37.51% for two-way ATMs.