Australia’s Crypto ATM Surge
Amidst the gloomy cloud of a bear market and dwindling global interest in crypto installations, Australia has emerged as a shining star in the world of cryptocurrency. The land of kangaroos and great coffee has nabbed the third spot worldwide for the number of cryptocurrency ATMs, boasting a total of 234!
The Rise in Numbers
Just a few weeks into January, Australia leapfrogged Spain (now at 222 ATMs) and elbowed its way ahead of El Salvador. This upward mobility was powered by an impressive deployment of 99 ATMs in the closing months of 2022 and an additional 16 installed right after the New Year. Who said you can’t teach an old market new tricks?
Global ATM Distribution: A Comparison
But let’s not kid ourselves; Australia’s numbers are mere ants compared to the United States, which proudly holds a whopping 33,387 crypto ATMs, comprising 86.9% of the global market! Add in Canada’s 2,556, and you’ve got a staggering 94.4% concentrated in just these two countries.
Impact of Global Events on ATM Installations
The past year has witnessed a dramatic slowdown in crypto ATM installations globally. The combination of a bear market, nagging geopolitical tensions, and inflation has served to dampen the enthusiasm of crypto ATM operators. In total, only 94 ATMs joined the global network from July to December 2022, a stark contrast to the 4,169 added in the first half of the year. Talk about a mood swing!
Coolangatta’s Innovative ATM
In a glittering silver lining, January saw the introduction of Coolangatta’s first Bitcoin ATM featuring integrated Lightning Network capabilities. This isn’t just any old ATM; it operates with remarkable efficiency similar to traditional machines but allows transactions in a blink of an eye, thanks to its layer 2 Lightning solution. Plus, it’s great for buying tiny smidgens of Bitcoin. Perfect for those days when wallets are light!
