While downward trends in cryptocurrency prices have affected the growth of the industry, cryptocurrency-related developments continue to make headlines almost daily. This time, the North American country Canada has seen 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 acted quickly to ensure that Bitcoin ATM locations increased despite the negative market trend.
As per the cryptocurrency tracker findings, the number of Bitcoin ATMs deployed in Canada was less than 2,000 last year. And the count increased to 2,580 the following year, which is an increase of over 500 machines.
In 2022, the cryptocurrency market faced many challenges, and the year was not a fruitful one for investors as bears took over and several major projects suffered sharp declines. Despite this, the industry’s attitude towards new ATM installations is persistent.
In a division of installed ATMs, Canada had 2,289 ATMs in the first quarter of this year, with the number rising to 2,438 in the second quarter. There was an increase of more than 100 new ATMs each quarter, much more than in other areas.
Currently, 38,803 ATMs operate worldwide, with Canada securing its position as the second largest country for cryptographic ATMs. The US, on the other hand, ranks first, with 33,851 cryptocurrency ATMs currently operating. Likewise, Europe ranks third on the list with 1,478 ATMs. Other countries, however, have installed fewer Bitcoin ATMs.
Bitcoin ATM usage is expected to increase further
Canadian central bank research estimated a more than double increase in Bitcoin ownership in 2021 compared to the 5% ownership reported between 2018 and 2020. BTC has seen a sharp drop. The number of ATM installations in Canada has increased significantly despite this negative trend. This further illustrated how high the demand for the asset was.
According to new data from the Bank of Canada, most Canadians are now aware of Bitcoin, and as a result, Canadians’ use of cryptocurrencies is on the rise. US authorities have issued a warning as fraudsters have also started targeting these devices.
A major catalyst behind the growth of cryptocurrency ATMs in Canada is that items purchased with Bitcoin have seen a massive increase.
The first cryptocurrency ATM was registered over nine years ago; On October 29, 2013, a Waves cafe 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.