Crypto ATM count surges by more than 4,000 in 2022 amid ongoing digital asset bear market
New data shows that the number of crypto ATMs increased in 2022 despite a turbulent year for the digital asset industry.
According to Coin ATM Radar, an ATM tracking app, the number of Bitcoin (BTC) ATMs has increased by a staggering 506% since January 2020, when there were 6,362 BTC ATMs.
The data shows that there are currently 38,601 Bitcoin ATMs, an increase of about 6,000 machines compared to December last year.
A recent report by market research firm Grand View Research notes that the crypto ATM market could be worth over $5 billion by 2030. The analytics firm says the surge is due to an increase in retail stores accepting digital assets as payments.
In 2021, retail giant Walmart rolled out its Bitcoin ATM pilot program, installing 200 ATMs in Walmart stores across the United States.
The research also found that ATMs’ ability to liquidate virtual currencies and instantly convert them to fiat dollars has value for consumers and is a key factor in the growth of the crypto ATM market.
Additionally, the report states that the Covid-19 pandemic has contributed to the growth of the market as customer demand for advanced crypto ATMs increased.
The report also shows that North America dominated the regional market last year. According to Grand View Research, the North American market is likely to continue growing due to the high availability of crypto ATMs and the legalization of digital assets across the region.
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