Although downtrends in crypto prices have affected the industry’s growth, crypto-related developments continue to make headlines almost daily. This time, north-American country Canada records an immense increase in Bitcoin ATMs installation.
As per the stats provided by Coin ATM Radar, Bitcoin ATM locations in Canada have surged by over 28% in the last year. Canada made rapid strides 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 deployed Bitcoin ATMs in Canada was below 2,000 in the last year. And the count has increased to 2,580 following the year, representing 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 seizing control and several important projects seeing steep declines. Despite this, the industry’s attitude toward the new installations of ATMs is persistent.
In a breakdown of the installed ATMs, Canada had 2,289 ATMs in Q1 of this year, and the number surged to 2,438 in Q2. It recorded an increase of over 100 new ATMs every quarter, much more than in other areas.
Currently, 38,803 automated teller machines operate worldwide, with Canada securing its position as the second-largest country by crypto ATMs. The U.S., on the other side, stands in the first position with 33,851 crypto ATMs operational at the time. Similarly, Europe claims as third on the list with 1,478 automated teller machines. Other countries, however, installed fewer Bitcoin ATMs.
Bitcoin ATMs Use Expected To Rise Further
The central bank’s survey in Canada estimated a more than two-fold increase in Bitcoin ownership in 2021 compared to the 5% ownership disclosed from 2018 to 2020. BTC saw a stark drop. The number of ATM installations in Canada has significantly increased despite this negative trend. This further illustrated how high the 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. American officials have issued a warning as a result of fraudsters also starting to target these gadgets.
One major catalyst behind the growth of crypto ATMs in Canada is the items purchased with Bitcoin recorded a massive increase.
The first crypto ATM got enrolled over nine years ago; on October 29, 2013, a Waves café in Vancouver installed the World’s first Bitcoin ATM. The United States may now boast the most cryptocurrency ATMs, but Canada is still firmly in the second position.
Featured image from Pixabay and chart from TradingView.com