Popularity of Bitcoin ATMs in Canada surge amid crypto downturn

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According to the data from Coin ATM Radar, Canada now has 2,549 automated teller machines (ATMs) that accept Bitcoin, up from under 2,000 at the same time last year. Since the beginning of the year, Canada has seen roughly 400 new Bitcoin ATMs set up across the country, an early increase of 28%. 

Bitcoin ATMs count rising in Canada

As of the end of the second quarter of 2022, there were 2,479 ATMs, and as of the end of the third quarter, there were 2,545. An average of 100 new Bitcoin ATMs have been installed around the country each quarter. 

With about 34,000 Bitcoin ATMs across the country, the United States is far and by the top. However, citing MiCA laws, Europe has 1,466 and this number has been stable for some time. The number of Bitcoin ATMs currently in operation is 38,750.

According to CBC News, the first Bitcoin ATM was installed on October 29, 2013, just over nine years ago, near a coffee shop (Waves café) in the Canadian city of Vancouver. Bitcoin ATMs have thrived reasonably well since then, particularly in North America. Despite the fact that the United States has just been home to the most crypto ATMs, Canada still holds a solid second spot.

Use of crypto by Canadians is on its peak as the recent research by the Bank of Canada records that approximately 90 percent of Canadians are currently aware of Bitcoin. However, con artists have started going after these gadgets as well, prompting a warning from American authorities.

The attention stablecoins and the cryptocurrency ecosystem as a whole is getting, obviously have prompted Canada to initiate development of regulatory laws. The federal government intends to consult with crypto industry stakeholders and has created a consultation forum on the crypto market, stablecoins, and central bank digital currencies (CBDCs). It is noteworthy that The Bank of Canada has shown its instant need for the implementation of clear crypto regulations in the region in June this year.

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