Cryptocurrencies are growing in popularity throughout the world and with this, experts say too is the Crypto ATM market.
Vantage Market Research analysed the current crypto ATM market, valuing it at about USD $74.2 million in 2021. However, their findings predict the global market could be worth in excess of USD $1185.4 million by 2028 which equates to a Compound Annual Growth Rate (CAGR) of 58.70 per cent.
The report detailed the biggest market growth will be seen within North America and it’s been estimated by Coin ATM Radar there are currently 36,695 crypto ATMs around the world. In Australia there are only 27 crypto ATM’s with majority of them throughout Melbourne, Sydney and surprisingly Adelaide according to Statista.
In recent times, Crypto ATMs have featured in the news but not necessarily for the best reasons. NSW Police recently busted two men who were found to have 4.7 million cash, drugs, money counters as well as several crypto ATMs.
The last several years have seen multiple crypto ATM scams including one in 2018 in which defrauders would call their victims and tell them they needed to pay their outstanding debt using a Bitcoin ATM in Braybrook, Victoria. Over $50,000 was conned out of four people with Acting Detective Sergeant Katherine Lehpamer imploring people to come forward when instances like this occur.
“We believe that there are a number of victims out there who have not reported the matter for one reason or another,” she said.
“They may be here on visas, or they are not aware that authorities would never tell them to deposit money into an ATM.
“Anyone getting a call along these lines should make enquiries with the relevant authorities before paying any money or giving any banking or personal details over the phone.”
Crypto ATMs allow people to purchase Bitcoins and similar digital currencies using cash or debit card while some may also be able to sell Bitcoin for cash.