Crypto ATM installations steadily rise, in spite of the “crypto winter”

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By A D

Crypto ATMs were valued at USD 75.0 million in 2021, and the market is expected to grow at a compound annual growth rate of 61.7% from 2022 to 2030.

With 4,239 crypto ATMs installed worldwide in 2022, the total number of crypto ATMs rise to 34,358. North America leads the market with over 45% of the global revenue coming from them. This trend can be credited to the increasing use of cryptocurrency in the U.S., as well like big companies boosting adoption across regions with various collaborations. For instace, Kiwi Star has installed bitcoin ATMs at over 800 locations in Iowa and the Midwest in partnership with Coinsource.

In addition to offering cryptocurrencies for sale, the crypto ATM facilitates the purchase and exchange of fiat currencies, which increases footfall at public places, such as restaurants, bars, and cafes. Not only do these ATMs allow users to conveniently utilize their assets consequentially making crypto adoption more approachable, but also pushes market growth.

a man checking or tranfering their crypto assets via a bitcoin atm
Australia’s 219 crypto ATMs overtake El Salvador’s 212. Photo credits: Shutterstock

Along with becoming the first country to legalize Bitcoin, El Salvador also installed 200 crypto ATMs across the country. Australia surpassed them to record 219 active ATMs in the country, while Spain topped both installing 226 ATMs in 2022. Australia is set to take over Asia’s crypto ATM numbers, accounting for 0.6% of global crypto ATM installations.
Despite a slowed down trajectory owing to the bear market, a report by Finbold suggests that the crypto ATM market is projected to grow 60% by 2030 hitting $5 billion, especially with more businesses accepting digital currency payments.

The Crypto Winter

From regulatory complications and bankruptcies to various controversies and uncertainties, the digial assets industry has been through it all in 2022. As of 30th December, 2022 the total market sixe of the crypto market declined to $792.7 billion- a 65% fall from the $2.25 trillion close in 2021. Almost $2.2 trillion has been wiped out from the market since November 2021.

A combination of aggressive monetary tightening and interest rate hikes by central banks has reduced market liquidity, but also prevented new investments in technology, in particular.

a crypto token is freezing over in the snow poraying how the digital assets industry has been seeing a downward graph this year
Crypto winter is a term used to describe a weak cryptocurrency market. In the stock market, it is compared to a bear market.

Bitcoin plummeted to around $16,630, a 64% decline from last year’s close of $46,224. The market capitalization rose to $48,163 in March but fell 65.5% by the end of the year. Similarly, Ethereum closed at $3,677 in 2021 but the price fell to $1,200 by the end of 2022 with its market cap falling almost 69%.

The Luna stable coin crash, FTX scandal and more deceitful activities and scams have shaken investor confidence in digital currencies and tokens. Whether this turmoil turns into the start of a downfall or teaches a lesson in unregulated markets is yet to be seen.

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