cryptovibes.com
Crypto adoption in Canada continues to increase as shown by the constant surge in the number of Bitcoin ATMs installed in the nation. The latest figure shows a 28% year-over-year increase.
Based on data from Coin ATM Radar, Canada now is home to 2,549 Bitcoin ATMs installed throughout the nation, making it the second-ranked nation in terms of Bitcoin ATMs behind the United States.
With less than 2,000 ATMs in operation at this time in 2021, it means that the total number of ATMs installed in the past 12 months is equal to a 28% increase, the second fastest level of growth Seen in any country except the United States.
Based on market carts, there were 2,174 Bitcoin ATMs installed throughout Canada in January of 2022. As of November 7, there are 2,549 installed, showing a growth of almost 400 ATMs in eleven months.
Breaking it down some more by quarter, it seems like the nation adds around 100 new Bitcoin ATMs every quarter, the second quickest pace of adoption in the world. Notably, outside of the US and Canada, Bitcoin ATM adoption has stagnated in many other nations in the last two years.
As shown in the market chart above, the net change in the number of ATMs has been on a plunge since January 2022, mainly aligning with the downturn in the Cryptocurrency market. In September 2022, the statistics turned negative, with 450 ATMs removed from circulation.
The United States and Canada were the exceptions to the global trend, continuing to see their ATM counts surge throughout this year. In that context, the United States is the clear leader in the sector, with almost 34,000 ATMs installed throughout the entire country.
Europe has 1,466 ATMs but saw its level of adoption drop since there were 1,393 listed in January 2022. On the global scene, there are 38,750 Bitcoin ATMs, with Canada having the second-biggest representation with 6.58% of the global BTC ATMs. There are various reasons for the minimal adoption in other nations including high fees and strict regulations.
Canada is home to what is thought to be the first Bitcoin ATM in the world, which was installed at a Waves café in Vancouver, B.C. on October 29, 2013. In recent months, Bitcoin ATMs have majorly become the target of scammers, with regulators in the United States warning about fraudulent schemes, which leverage crypto ATMs.