Crypto ATMs gain ground as global adoption soars
Global crypto ATM market projected to reach $2.58 billion by 2032, with 34,000 currently in operation
Growing crypto adoption is driving the market growth of crypto ATMs (also known as Bitcoin ATMs or BTMs). A new report forecasts that the global crypto ATM market could reach a value of $2.58 billion by 2032.
Crypto ATMs are machines that enable the buying and selling of cryptocurrencies in exchange for debit card payments or cash. These ATMs simplify the process of acquiring cryptocurrencies, allowing individuals to easily and conveniently engage with digital assets.
According to the report by Research and Markets, in 2023, the global market size for crypto ATMs was $87.35 million. The increasing awareness of crypto benefits—such as security, decentralization, and lower fees—is driving market growth. Additionally, the use of cryptocurrencies for investments, remittances, and purchases is further fueling this growth.
In Bitcoin-friendly El Salvador, crypto ATMs have already secured a notable place in the financial landscape. According to Statista, its capital, San Salvador, had 57 Bitcoin ATMs as of August 2024, while another city in the country, Santa Tecla, had 27.
Statista also reported that there were more than 34,000 Bitcoin ATMs worldwide as of January 1, 2024.
Per Global News Wire, the application of crypto ATMs is expanding across various sectors. In the hospitality and travel industries, they enable tourists to convert fiat money into cryptocurrencies while traveling. In retail, these machines are being installed in gas stations, convenience stores, and malls.
Governments and regulators around the world are increasingly recognizing the potential of cryptocurrencies, with some countries implementing favorable regulations to encourage adoption.
El Salvador was the first country to make Bitcoin legal tender, followed by the Central African Republic (CAR). The Commonwealth of Dominica has also accepted TRON tokens as legal tender.
As crypto adoption continues to rise, it’s likely that more crypto ATMs will appear globally, offering users an even more seamless experience when executing crypto transactions.
