Bitcoin ATM locations increased by 28% in Canada
Although crypto price downturns have affected the growth of the industry, crypto-related developments continue to make headlines almost daily. This time, the North American country of Canada is registering a huge increase in the installation of Bitcoin ATMs.
According to statistics provided by Coin ATM Radar, Bitcoin ATM locations in Canada have increased by over 28% in the past year. Canada made rapid progress in guaranteeing that Bitcoin ATM locations increased despite the negative market trend.
In line with the findings of the crypto ATM tracker, the number of Bitcoin ATMs deployed in Canada was under 2000 in the last year. And the number has increased to 2,580 after the year, which represents an increase of over 500 machines.
In 2022, the cryptocurrency market faced many challenges and the year has not proved fruitful for investors, with the bears taking control and several important projects seeing sharp declines. Despite this, the industry’s attitude towards new installations of ATMs is persistent.
In an overview of the installed ATMs, Canada had 2,289 ATMs in the 1st quarter of this year, and the number rose to 2,438 in the 2nd quarter. It recorded an increase of over 100 new ATMs every quarter, much more than in other areas.
There are currently 38,803 ATMs operating worldwide, with Canada securing its position as the second largest country with crypto ATMs. The United States, on the other hand, stands in first position with 33,851 crypto ATMs operating at the time. Similarly, Europe claims third place on the list with 1,478 machines. However, other countries installed fewer Bitcoin ATMs.
Bitcoin ATM usage is expected to rise further
The Central Bank of Canada survey estimated a more than two-fold increase in Bitcoin ownership in 2021 compared to the 5% ownership revealed from 2018 to 2020. BTC saw a sharp drop. The number of ATM installations in Canada has increased significantly despite this negative trend. This further illustrated how high demand was for the asset.
According to new data from the Bank of Canada, most Canadians are now aware of Bitcoin, and as a result, the use of cryptocurrencies by Canadians is at an all-time high. US officials have issued a warning as a result of scammers also starting to target these gadgets.
A major catalyst behind the growth of crypto-ATMs in Canada is the goods purchased with Bitcoin registered a massive increase.
The first crypto ATM was registered over nine years ago; On October 29, 2013, a Waves cafe in Vancouver installed the world’s first Bitcoin ATM. The US now boasts the most cryptocurrency ATMs, but Canada is still firmly in second place.
Featured image from Pixabay and chart from TradingView.com
