The global crypto Automated Teller Machine (ATM) market will grow from $46.45 million in 2022 to $472.18 million by 2027, Research and Markets said in a new report, adding that the market will grow at a Compound Annual Growth Rate (CAGR) of 59.01% during the forecast period. According to the report, the key market drivers for the predicted growth include demand for crypto fund transfers in developing countries, changing monetary regulations and increased presence of crypto ATMs in gas stations, restaurants and other locations. However, the report said that there is still uncertainty regarding cryptocurrency regulations as well as lack of overall knowledge of cryptocurrency which is holding the market back. It said: “Market dynamics are forces that impact the prices and behaviors of the Global Crypto ATM Market stakeholders.
These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. “Forces of market dynamics may be related to macroeconomic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.
“As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.” Cryptocurrency ATMs are internet-connected kiosks that allow investors to pay cash such as naira, dollars, Euros, or pounds, for digital currencies like Bitcoin or sell cryptocurrency for cash on the spot.
However, unlike conventional bank ATMs, cryptocurrency ATMs don’t connect users to their bank accounts and many only allow withdrawal of funds. Analysts note that cryptocurrency usage is skyrocketing and that the United States alone has over 50, 000 crypto ATMs. Experts warn that there is a risk of criminal using cryptocurrency transactions to defraud victims because crypto offers an anonymous, hard to trace and often nonrefundable way for cryptocurrency scammers to steal money.