Australia is now witnessing an incredible rise in Bitcoin ATM installations, making it the world’s fastest-growing market for these machines. In September 2022, the country had a modest 73 Bitcoin ATMs. Fast forward to today, and that number has skyrocketed to over 1,160 installations, marking a significant leap in just two years!
What’s driving this growth? Well, it’s a story of resilience and market adaptation. Back in 2019, the rise in crypto prices triggered a crackdown on Bitcoin ATMs. Regulatory concerns were rampant, especially after Auscoin, a local crypto exchange, had its license revoked for alleged ties to organized crime. This left a big gap in the market, leading many to believe that Bitcoin ATMs in Australia were facing an uncertain future.
But just like Bitcoin itself, the ATM scene made a comeback. In 2022, the tide turned when international players, like CoinFlip, entered the Australian market. CoinFlip’s aggressive expansion, which began after acquiring a local player called Layer 8 Networks, has been a game-changer, with the company now operating 700 kiosks across Australia and New Zealand.
For crypto traders, this rapid expansion means more accessibility and convenience. Whether you’re an experienced trader or someone just stepping into the crypto world, the availability of these ATMs provides an easy entry point into Bitcoin and other cryptocurrencies. But it’s not just about convenience. The expansion is also a testament to the resilience of the crypto ecosystem in Australia, bouncing back stronger after regulatory challenges.
So, what’s the takeaway? The rise of Bitcoin ATMs in Australia isn’t just a numbers game. It signals a broader trend: Crypto adoption is back on the rise, and with more physical access points, it’s never been easier to get involved. With over 1,160 ATMs now scattered across the country, Australia has become a crucial hub for crypto enthusiasts. Traders can now easily convert their fiat into Bitcoin or vice versa, giving them more flexibility in their crypto journey.
