Key Points
- Australia has crossed the milestone of 1,000 active Bitcoin ATMs, becoming the third-largest hub globally.
- The surge in Bitcoin ATM installations in Australia coincides with a global increase in interest in cryptocurrencies.
Australia has reached a significant milestone in the crypto world, with over 1,000 active Bitcoin ATMs now in operation.
This makes it the third-largest hub for crypto ATMs globally, joining the ranks of the United States and Canada.
Australia now accounts for 2.7% of the global Bitcoin ATM network.
Coin ATM Radar data indicates that the US reached the 1,000 crypto ATMs milestone in November 2017, while Canada achieved this in January 2021.
The Growth of Bitcoin ATMs in Australia
The Bitcoin ATM market in Australia was relatively dormant until the end of 2022.
However, the market has seen exponential growth with the entry of private firms.
This surge in installations coincides with a global increase in cryptocurrency interest.
By April 2023, Australia had surpassed Asia in terms of the number of Bitcoin ATMs, having more than China, Japan, Singapore, and India combined.
Australia is on track to surpass Europe soon in terms of Bitcoin ATM installations.
Europe currently has a network of 1,617 Bitcoin ATMs, accounting for 4.3% of the global total.
Despite potential challenges such as regulatory scrutiny, security concerns, and market volatility, Australia’s commitment to innovation and emerging technologies bodes well for its future in the crypto sphere.
With this milestone, Australia sends a clear message about its intention to be a global leader in crypto adoption.
Despite a slow start, the country may well be positioning itself as a significant global crypto hub.