Australia recently witnessed an increase in crypto ATMs following the recent crypto boom. Australia is currently one of the biggest Bitcoin nations. And recently, around 1000 active crypto-fiat machines were recorded.
Australia now ranks behind the United States and Canada in the number of active crypto ATMs. Interestingly, Australia currently owns around 2.7% of the world’s Bitcoin ATMs. Crypto ATMs have grown in popularity in recent years.
Australia’s Growing Presence in the Global Crypto ATM Market
These machines provide flexibility to crypto users. They enable crypto users to easily convert their fiat to cryptocurrencies in real-time. These machines support the purchase of cryptocurrencies with debit or credit cards.
🇦🇺 Australia has become the third country to surpass 1,000 Bitcoin ATMs, with the current count at 1,013, according to Coin ATM Radar.
The U.S. was the first to reach 1,000 crypto ATMs in November 2017, followed by Canada in January 2021. The pace of Bitcoin ATM installations… pic.twitter.com/uSGKgakIUF
— Kyrrex (@Kyrrexcom) April 25, 2024
A recent report by Coin ATM states that these ATMs first became popular in the United States. The report claims that the US first recorded over a thousand crypto ATMs in 2017. Meanwhile, Canada crossed the 1,000 mark in 2021.
There are currently over 31,000 crypto ATMs in the US, accounting for 82.8% of the world’s Bitcoin ATMs. Similarly, Canada boasts around 2,918 crypto ATMs. This represents around 7.8% of the world’s crypto ATMs.
Surprisingly, Australia has been a silent player in the crypto ATM space. The sudden increase in these machines can be attributed to the broad growth and popularity of cryptocurrencies in Australia.
Australia currently has more Bitcoin ATMs than China, India, Japan, and Singapore. Experts expect Australia to surpass Europe if it continues to record a boom in crypto activities.
Why the Resurgence in crypto ATMs?
The recent resurgence in crypto ATMs comes after a period of decline. Coin ATM notes that there was a decline in new crypto ATMs between 2022 and 2023. The report states that the bear market was a driving factor in the decline of new ATMs.
Furthermore, the decline of projects such as FTX and Terra sparked fears within the market. However, there’s been a positive change in market sentiment in recent months. The entire crypto market valuation crossed into the $3 trillion zone.
Bitcoin also hit a new all-time high. As the market reclaims its drive, we could see more crypto ATMs pop up around the world.
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