Crypto Atm Business Plan

III. Industry Analysis

3.1 Market Size

The number of crypto ATMs worldwide continued to increase in 2021, with growth from 13,993 to 33,911 from January to December. These ATMs, which mostly deal with Bitcoin, have made cryptocurrencies more common and easier to obtain. Traditional ATMs enable bank customers to deposit and withdraw funds from their accounts, while Bitcoin ATMs allow individuals to buy digital currencies by depositing cash. The purchased coins are then transferred to a digital wallet through a QR code.1
The global Crypto ATM market size was valued at $35.8 million in 2020 and is projected to reach $3.5 billion by 2030, growing at a CAGR of 58.5% from 2021 to 2030.2
Crypto ATMs provide easier trading options for customers, and users do not need to set up an account or online wallet or deal with lengthy public keys. In addition, the growing demand for cryptocurrencies and surge in several crypto adopters suggest a shift in the investment paradigm, which is mostly driven by the growing younger population, thereby propelling the crypto ATM market growth.3
The increasing number of installations is also driving the crypto automated teller machine (ATM) market growth. Vendors are investing significantly in R&D to develop innovative products and technologies. They are also launching affordable cryptocurrency ATMs to expand their foothold. For instance, in May 2021, Bitcoin Depot announced the launch of over 350 new cryptocurrency ATMs opening across the US. Thus, the increasing installation number of new cryptocurrency ATMs will drive the crypto automated teller machine (ATM) market growth during the forecast period. 4  

3.2 Industry Profile

The global cryptocurrency market size was valued at $1.49 billion in 2020 and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.5
The growth of the global cryptocurrency market is being driven by various factors, including a greater requirement for efficiency and transparency in financial payment systems, an increased need for remittances in developing nations, a higher emphasis on data security, and a larger market capitalization. Nevertheless, the growth is being hindered by the high costs of implementation and the limited awareness of cryptocurrencies among individuals in emerging economies. Nonetheless, there are promising opportunities for market expansion due to the rising demand for cryptocurrencies among financial institutions and the untapped potential in developing nations.6  

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