Canada is home to the second largest collection of Bitcoin ATMs
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(Kitco News) – Cryptocurrency adoption in Canada continues to rise, as evidenced by the steady increase in the number of Bitcoin ATMs installed in the country, with the latest figures showing a 28% year-over-year increase.
According to data from Coin ATM Radar, Canada now has a total of 2,549 Bitcoin ATMs installed across the country, making it the second-ranked country in terms of Bitcoin ATMs behind the United States.
With less than 2,000 operating at this time last year, that means the total number of ATMs installed over the past 12 months equates to a 28% increase, which is the second-fastest level of growth in any country other than the US
Bitcoin ATM installation in Canada: Coin ATM Radar
Based on the chart above, there were 2,174 Bitcoin ATMs installed across Canada in January of this year. As of 7 November, 2,549 have been installed, which shows an increase of almost 400 ATMs in eleven months.
Breaking it down further by quarter, it looks like the country is adding roughly 100 new Bitcoin ATMs every quarter, the second fastest adoption rate in the world. In fact, outside of the US and Canada, Bitcoin ATM adoption has stagnated in most other countries over the past two years.
Net changes in crypto ATM number
As shown in the chart above, the net change in the number of ATMs has actually been declining since January 2022, largely in line with the decline in the crypto market. During September this year, the statistics actually turned negative, with 450 ATMs actually removed from circulation.
Canada and the United States were the exceptions to the global trend, continuing to see the number of ATMs increase through 2022. The United States is the clear leader in the field, with nearly 34,000 ATMs installed across the country.
Europe has 1,466 ATMs, but has seen adoption levels plummet as there were 1,393 listed in January 2022. On a global scale, there are a total of 38,750 Bitcoin ATMs, with Canada having the second largest representation at 6.58% of the global BTC an ATM. There are a number of reasons for minimal adoption in other countries, including regulations and high fees.
Canada is actually home to what is believed to be the first Bitcoin ATM in the world, which was installed at a Waves cafe in Vancouver, BC on October 29, 2013. Recently, Bitcoin ATMs have increasingly become the target of fraudsters, with the authorities in the United States warning of fraudulent schemes that exploit cryptocurrency ATMs.
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