Despite the fact that crypto price declines have hampered the industry's growth, crypto-related news continues to dominate the news almost daily. This time, the North American country of Canada has seen a significant increase in the installation of Bitcoin ATMs.
According to Coin ATM Radar, the number of Bitcoin ATM locations in Canada has increased by more than 28% in the last year. Despite the negative market trend, Canada made rapid progress in increasing the number of locations.
The number deployed in Canada was less than 2,000 in the previous year and has risen to 2,580 in the year since, an increase of over 500 machines.
The cryptocurrency market faced numerous challenges in 2022, and the year was not beneficial for investors, with the bears gaining control and several key projects experiencing steep declines. Despite this, the industry's stance on new \installations remains consistent.
In terms of installed ATMs, Canada had 2,289 in the first quarter of this year, rising to 2,438 in the second quarter. It added more than 100 new ATMs every quarter, far more than in other areas.
Currently, 38,803 automated teller machines are operating worldwide, with the country ranking second regarding crypto ATMs. The United States, on the other hand, is first, with 33,851 crypto ATMs operational at the time. Similarly, with 1,478 automated teller machines, Europe claims a third place on the list. Other countries, on the other hand, have installed fewer Bitcoin ATMs.
The use of Bitcoin ATMs is expected to increase further
The Canadian central bank's survey predicted a more than two-fold rise in Bitcoin ownership in 2021, compared to the 5% ownership disclosed between 2018 and 2020. BTC experienced a significant drop. Despite this negative trend, the number of installations in Canada has increased significantly. This demonstrated how high the asset was in demand.
According to new Bank of Canada data, the majority of Canadians are now aware of Bitcoin, and as a result, Canadians' use of cryptocurrencies is at an all-time high. Because fraudsters are now targeting these devices, American officials have issued a caution.
The items purchased with it have increased dramatically, which has been a major driver of the growth of crypto ATMs in Canada.
On October 29, 2013, a Waves café in Vancouver installed the World's first Bitcoin ATM, which was enrolled more than nine years ago. Although the United States now has the most cryptocurrency ATMs, Canada remains firmly in second place.
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