El Salvador was the first country to make Bitcoin a legal tender. After the same, they installed multiple crypto ATMs across the country and built schools to teach about crypto. So, you might think they are the leading crypto hub among all nations globally, but that’s not the case. In fact, Australia has already replaced El Salvador and is now the 4th largest crypto ATM hub.
Other countries are taking ahead of El Salvador in terms of crypto adoption
There are now a total of 216 crypto ATMs installed in Australia, which is more than the 200 ATMs in El Salvador. Nayib Bukele, El Salvador’s president, announced that they would be installing crypto ATMs all across the country when Bitcoin became legal tender there. This move at the time made them the 3rd largest hub of crypto ATMs behind the US and Canada.
But as we stepped into 2022, crypto adoption sped up, and a lot of other countries also got into the game. Last year, Australia and Spain surpassed El Salvador in the number of ATMs being installed in the country.
Spain is currently the 3rd largest crypto ATM hub after it increased its ATM count from 215 to 226 and counting. At the same time, Australia has just surpassed El Salvador to take the number 4th spot. This was a rather fast and unexpected move because Australia installed nearly half of its total crypto ATMs in Q4 of 2022. During that time, they added 99 crypto ATMs to various regions in the country, bringing the total to 219 ATMs.
Global stats
There are a total of 38,602 crypto ATMs globally, out of which 15.72% or 6071 ATMs were installed in 2022. The countries with the most number of crypto ATMs are the USA, Canada, Spain, Australia and El Salvador, representing a significant portion of the total ATM count. Many countries are seeing a significant increase in the use of these ATMs, which has forced the authorities to impose transaction limits on them (daily and weekly). Nigeria is one such example where you can withdraw up to $225 per week. The authorities there want the customer to use other channels for banking.
What are your thoughts as Australia is now the 4th largest crypto ATM hub? And do you think this translates into real crypto adoption? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
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