Australia ranks highly for crypto ownership among developed countries and is now installing the facilities for investors to quickly withdraw BTC for cash. Bloomberg Report: Australia Hotspot for Bitcoin ATMs with Fastest Growth Globally
Melbourne, Sydney, Perth and Brisbane/Gold Coast lead the way, with the nation home to approximately 1,200 Bitcoin ATMs.
This means the country has the third-most Bitcoin ATMs in the world, trailing only North American markets USA and Canada.
Australia has cemented its position as a global leader in crypto adoption. Recent Swyftx surveys have identified Aussies as being in the top ten for digital asset ownership in the world, and now the infrastructure is arriving to support them. According to a Bloomberg article, Australia now sits as the “fastest-growing market” for Bitcoin ATMs in a trend that is expected to continue.
A 1,500% Increase in Bitcoin ATMs Sees Australia as Third-Biggest Market
Coin ATM Radar, a platform that tracks crypto ATMs across the world, has revealed Australia is home to nearly 1,200 of the machines – ranking them third globally. The majority of the ATMs can be found in Melbourne (421) and Sydney (659), while expansion is notable in Western Australia/Perth (135) and Brisbane (223).
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It was only two years ago when Australia recorded 73 Bitcoin/crypto ATMs across the country – a whopping 1,543% increase in the market.
The data places Australia as having the third-most Bitcoin ATMs globally, an impressive feat given the nation’s population relative to other European and Asian nations. The United States is by far the biggest market, with the nation representing nearly 32,000 ATMs of the 38,749 available globally (an 82% market share).
Canada brings up second place, with about 3,000 ATMs.
Room for Growth Huge: Australia Could Have 3,000+ ATMs by 2026
Australia will look to continue its dominance in the sector over the next few years, with American company Bitcoin Depot Inc. ready to install 200 kiosks as soon as local regulators give them the thumbs up.
Despite growth, Australian authorities are still wary of Bitcoin ATMs due to their potential as hubs for money laundering. According to Chainalysis Inc, the nation Down Under was embroiled in approximately US $223m (AU $328m) worth of illegal activity conducted with cryptocurrency. The Australian Tax Office (ATO) in particular is cracking down on crypto-related crime.Bloomberg Report: Australia Hotspot for Bitcoin ATMs with Fastest Growth Globally
Related: US SEC Delivers Enforcement Warning to OpenSea, Alleges NFTs are Securities
Nevertheless, the tough regulatory climate has done little to curb the positive trend of Bitcoin ATMs reaching Australian shores. According to US company CoinFlip, their Australian Bitcoin ATMs have noted a 400% increase in transaction value over the last 12 months – although fees can come in at a hefty 6-14%.
Bitcoin Depot’s CEO Brandon Mintz believes the Australian “market has potential to grow by thousands of Bitcoin ATMs over the next couple of years”.
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