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Crypto ATM market could hit $3.55bn by 2030 – Bitcoin Depot

By Joyanta Acharjee

16:34, 23 December 2021

A cryptocurrency ATM in China
Global crypto ATM count grew by 155% in 2021, Bitcoin Depot says – Photo: Shutterstock

One North American maker of cryptocurrency automated teller machines (ATMs) sees the market reaching almost $4bn in under nine years.

“The crypto ATM industry continues to grow at a rapid pace, with estimates that the market will hit $3.55bn by 2030,” Brandon Mintz, president and CEO of Bitcoin Depot, said in a press release.

“We’re definitely seeing that usage and continued growth in our business, with tremendous expansion throughout 2021.”

Mainstream interest

In 2021, the cryptocurrency market captured mainstream interest and saw skyrocketing demand from consumers and retailers. The number of global ATMs grew by 155% and more than doubled in the US to 27,000, Bitcoin Depot said.

“If anything, 2021 has shown us that bitcoin is not a short-lived trend but something that is here to stay,” Mintz said.

Founded in 2016, Bitcoin Depot operates a network of over 6,500 crypto ATMs across the US and Canada, enabling users to buy bitcoin (BTC), litecoin (LTC), and ether (ETH) instantly. The company is headquartered in Atlanta, Georgia.

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ETH/USD

3,513.66 Price
+0.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
+6.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

174.14 Price
+2.190% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.60 Price
+3.400% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Work like a regular ATM

Crypto ATMs work like a regular ATM, and depending on the machine, you may have to scan a QR code with the address where you need to deposit your cryptocurrency. They can also be used to buy cryptocurrencies.

The company anticipates bitcoin adoption rates will continue to rise and become even more mainstream as an accepted asset class in 2022.

Earlier this year, Bitcoin Depot signed a partnership with convenience store chain Circle K, and the company expects crypto ATMs to continue to expand into retail environments, such as restaurants and bars, diversifying cryptocurrency’s customer base.

Major access points

“Retailers are becoming major access points and advocates of cryptocurrency by hosting Bitcoin Depot ATMs. This is creating a larger network of access points. It may seem radical now but think of a world where you can buy and sell actual goods using cryptocurrency. That’s the projection for what’s next,” Bitcoin Depot’s Mintz added.

Bitcoin has traded below the $50,000 level for most of December.

Read more: Bitcoin (BTC) tests k

Markets in this article

BTC/USD
Bitcoin / USD
67113.35 USD
78.05 +0.120%
ETH/USD
Ethereum / USD
3513.66 USD
1.73 +0.050%
LTC/USD
Litecoin / USD
73.52 USD
0.03 +0.040%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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