The Bitcoin ATM market is definitely one of the markets on the rise right now. According to a recent study, it even has the potential to expand at a CAGR of over 50% in the next five years.
Conducted by the business-to-business research firm MarketsandMarkets, the new report indicates that the cryptocurrency ATM market will grow at a rate of 54.7% between 2018 and 2023 – totaling $144.5 million during the five-year period.
Right now, there are 3,650 Bitcoin ATMs in the world, rising from the 3,500 which were reported last month. As Coin ATM Radar previously reported, on a daily basis, an average of four bitcoin ATMs are installed throughout the world.
As the report titled “Crypto ATM Market – Global Forecast to 2023” said:
“The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers),”
It also noted the following:
“In 2017, the Government of Mexico declared bitcoin legal, and it would be regulated by the Fintech Law. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.”
With this, it is estimated that the cryptocurrency ATM market was worth $6.8 million last year but has grown to reach $16.3 million in 2018. Aside from this, the study also noted that two-way ATMs (used for buying and selling cryptocurrencies from a single device) will enjoy a higher growth compared to the one-way ATMs (for withdrawing Bitcoins). Currently, however, one-way ATMs dominate the market with a 62.49% presence.
North America will remain the largest market for cryptocurrency ATMs across the globe – and the United States will be the clear leader – just like the situation right now when it has 73% of the Bitcoin ATMs in the world.
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"We still think it’s the bottom of the first inning."The Winklevoss twins first invested in bitcoin back in 2013 and they said that at first bitcoin didn’t sound like a good idea but after a few tequila shots it started making sense. Now, they have about 1 percent of all bitcoin outstanding. The twins reportedly plowed millions from their settlement with Facebook into bitcoin of course. After they saw that the investment balloon will be estimated for billions of dollars, they claim to have taken away the sting from having Facebook kidnapped from them. The Wall Street Journal apparently asked them what happens when the twins meet with Zuckerberg at a crypto conference and the twins answered:
“Welcome to the party, what took you so long?”Regarding Libra, Facebook’s cryptocurrency is looking less as a cryptocurrency. David Marcus who works at the development center for Libra reportedly wrote to the lawmakers:
"We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”Meanwhile, the policymakers have a hard time to understand and to find a way how to handle Libra but they can’t stop bitcoin at least not anymore. Cameron and Tyler Winklevoss noted:
"To shut down bitcoin you have to shut down the internet...like North Korea. Countries will have to play with it."As per the coming altcoin news, the twins see future where Zcash and Ethereum will have a very important role mainly because of their privacy features. As for Gemini, the competitive landscape is only warming up. Poloniex, for example, allowed purchasing cryptocurrency by using credit and debit cards, Binance is coming to the United States and CEX.io also opened a new US office.
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‘’It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.’’The entire ECB executive board believes that digital currencies will represent the ‘’wake-up call’’ for regulators around the world. He believes that this could result in regulatory entities making improvements in their operations. Facebook’s plan is to launch a digital currency which will trigger central banks and all policymakers across the world. The U.S. congressional committee asked the social media giant to stop the operations regarding Libra. Also, the House Financial Services Committee noted issues that touch the security nature of the cryptocurrency and Facebook’s troubled past regarding data privacy:
‘’Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action.’’The House Financial Services Committee also warned that if Facebook decides and launches Libra prior to the legislative solutions, the result will be a new ‘’Swiss-based financial system that is too big to fail.’’ The committee also stated that it will further hold public hearings on crypto-related matters next week. As noted in the latest cryptocurrency news, the Reserve Bank Of Australia Governor Philip Lowe indicated there are a lot of regulatory issues regarding Libra. In Asia, the Bank of Japan also warned that Libra poses a huge threat to the current financial systems.
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