Bitcoin ATMs Boom in Australia as the Country Cements Its Position as a Global Leader in Crypto Adoption

Australia has cemented its position as a global leader in crypto adoption. Recent Swyftx surveys have identified Aussies as being in the top 10 for digital asset ownership in the world

Bitcoin’s increasing prominence in emerging and developing economies is highlighting its utility beyond its common perception as an investment tool, and is rapidly becoming a practical financial alternative in these regions. In such economies, bitcoin is being adopted not for its investment potential but as a viable solution to financial challenges. It is increasingly seen as a workable alternative to unstable local currencies, offering a potential hedge against inflation and currency depreciation. This is particularly relevant in countries with high inflation rates, where bitcoin’s limited supply and decentralised nature provide an attractive alternative to fiat currencies.

Australia has cemented its position as a global leader in crypto adoption. Recent Swyftx surveys have identified Aussies as being in the top 10 for digital asset ownership in the world, and now the infrastructure is arriving to support them. According to media reports, Australia now sits as the “fastest-growing market” for Bitcoin ATMs in a trend that is expected to continue. Once a novelty, Australia now boasts over 1,000 crypto ATMs, with CoinFlip (formerly Olliv) leading the charge with the most extensive coverage nationwide.

These machines allow customers to feed in cash to buy various cryptocurrencies at the displayed exchange rate. The ATM, which typically has higher fees than online exchanges, transfers the crypto to the customer’s digital wallet, where they can store it for potential value increase or use it to pay for items from sellers who accept the currency. Some machines even allow cash withdrawals.

The number of cryptocurrency ATMs in Australia has increased 16-fold in the past two years. More than 1,200 of the machines now occupy space across the country, according to a company which tracks and analyses crypto data, Coin ATM Radar. The machines process a host of the major cryptocurrencies and their spin-offs, including Bitcoin and Lightning BTC, Ether, Ripple and Dogecoin. But the machines are used by people to launder money, or more accurately deposit money and then hide it behind webs of transactions and using the encrypted nature of crypto.

Australia now has the third most machines in the world, with at least 1,261, according to Coin Radar ATM. The US has more than 35,000, and Canada has the second most with about 3,000. But nowhere is being flooded with the machines faster than Australia right now. The boom began about the New Year in 2023 when barely 200 of the kiosks were in the country.

However, Commonwealth Bank, Westpac, NAB and ANZ have all put safeguards on how much crypto can be traded with now transactions being declined or getting held up for 24 hours. In 2022, offshore companies began taking action to fulfill the needs of crypto users, driving the country’s Bitcoin ATM market to grow by 176 per cent ever since. Chicago-based CoinFlip is the frontrunner in Australia’s crypto ATM sector, with 700 kiosks nationwide. CoinFlip’s ATMs support $BTC, $ETH, $LTC, $DOGE, $USDT, and fiat. And most of its kiosks are located in Sydney (383), Melbourne (282), Brisbane (191), and Perth (134).

Despite regulatory concerns and hurdles over crypto security, Australia has quickly become a major player in the crypto ATM market. CoinFlip’s crypto kiosks likely make Australia an attractive country for blockchain enthusiasts who want to travel and spend their digital assets hassle-free. It seems the appetite for an easy and secure way to buy and sell Bitcoin using cash is only getting stronger. Ben Brockliss, co-founder of CoinFlip, has been quoted as saying: “Since entering the Australian and New Zealand markets, CoinFlip has seen a 384 per cent increase in volume transacted in Australia and a 235 per cent increase in New Zealand.”

Beyond the possibility of a global currency, Brockliss says cryptocurrency can increase economic equity and wealth in communities without access to traditional wealth-building opportunities. “Since bitcoin was invented, crypto has matured as an asset class, proving to be an attractive, long-term investment,” he says. “Bitcoin ATMs give everyday people access to owning a piece of this booming financial sector without needing a fancy wealth advisor or broker. This powerful, equalising force will help ensure that cryptocurrency doesn’t become a walled-off rose garden available only to those fortunate enough to have access.”

With Bitcoin hitting another record high and now traded in exchange-traded funds (ETFs), cryptocurrencies are well and truly cementing themselves as more than a cultural phenomenon. The tough regulatory climate, however, 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 per cent increase in transaction value over the past 12 months – although fees can come in at a hefty