Australia has taken a huge step since the beginning of the year regarding local adoption of the cryptocurrency market. By installing more bitcoin ATMs, it has jumped to third place in the world in terms of the number of such devices it owns.
Australia and Bitcoins
Despite recent gains, the cryptocurrency market is still in a bear market. Such conditions are generally not conducive to the popularization of cryptocurrency solutions worldwide. However, it turns out that there are exceptions to the rule. One of them is undoubtedly Australia, which has recorded a significant progress in the number of Bitomats being put into use. According to data provided by the Coinatmradar.com platform, Australia now has as many as 234 cryptocurrency ATMs. This allows it to take the third place in the ranking of countries implementing this kind of solution. This puts Australia just behind the United States and Canada. Spain, however, was knocked off the podium.
Since the beginning of the year, Australia has installed 16 devices, while Spain lost 4. At the same time, it is worth noting that just in the last 3 months of 2022, Australians have installed as many as 99. This fact illustrates the impressive dynamics of adoption of the solution.
The United States dominates the Bitcoin ATM market
Although Australia has dynamically climbed to the third place in terms of the number of Bitcoin ATMs, the global value of the units it owns is only 0.6%. The clear leader in this game is the United States, which has as many as 33,387 devices within its borders. This represents as much as 86.9% of the world’s Bitomats. Second Canada has 2,556 devices, and this in turn is 6.7% of the globe’s stock.
Bearish times, caused by both Bitcoin’s life cycles, war and global inflation, have certainly contributed to a slowdown in the installation of cryptocurrency ATMs. The year 2021 presented a dynamic increase in their adoption. However, a dramatic decline followed. This is perfectly illustrated by the chart below. Moreover, it clearly shows that in September of last year, Bitcoin ATMs dramatically declined, which was not seen on such a scale in the past.
Does every Bitomat support Bitcoin?
It would seem that cryptocurrency machines were created primarily to support Bitcoin. In theory, this is the case, but there are exceptions in this field as well. For it turns out that there are currently 38,433 such devices in the world, but as many as 88 of them have nothing to do with BTC. On the other hand, it is worth mentioning that more and more devices have solutions that support the BTC Lightning Network. There are currently 131 of them (0.3% of the total). One of them was also installed in Australia in recent weeks.