Although the declining trend of encryption price has affected the growth of the industry, the development related to encryption has become the headline news almost every day. This time, Canada, a North American country, recorded a huge growth in the installation of Bitcoin ATMs.

According to statistics provided by Coin ATM Radar, Bitcoin ATM locations in Canada surged by more than 28% last year. Despite unfavourable market trends, Canada has made rapid progress in increasing the number of Bitcoin ATMs.

According to the survey results of encrypted ATMs trackers, the number of BTC ATMs deployed in Canada last year was 2000. The next year, the number increased to 2580, with more than 500 machines added.

In 2022, the cryptocurrency market will face many challenges. This year is not productive for investors. The bear market has seized control, and several important projects have declined significantly. Nevertheless, the industry's attitude towards newly installed ATMs is persistent.

According to the classification of installed ATMs, there are 2289 ATMs in Q1 this year, while the number of ATMs in Q2 has surged to 2438. It recorded the growth of more than 100 new ATMs each quarter, much more than in other regions.

At present, there are 38803 ATMs in operation around the world, and Canada has become the second largest crypto ATM country. On the other hand, there were 33851 encrypted ATMs running in the United States. Similarly, Europe ranks third with 1478 automatic teller machines. However, there are few ATMs installed in other countries.

The price of Bitcoin is currently more than 16000 dollars.

The use of Bitcoin ATMs is expected to increase further

The Bank of Canada's survey estimates that the ownership of Bitcoin will more than triple in 2021 compared with the 5% ownership disclosed from 2018 to 2020. BTC has declined significantly. Despite this negative trend, the number of ATM installations in Canada has increased significantly. This further illustrates how high the demand for the asset is.

According to new data from the Bank of Canada, most Canadians now know Bitcoin, so the use of cryptocurrency by Canadians is at an all-time high. As fraudsters began to target these devices, US officials issued a warning.

One of the main catalysts behind the growth of crypto ATMs in Canada is the substantial increase in purchases made with Bitcoin.

The first encrypted ATM was registered nine years ago. On October 29, 2013, a Waves cafe in Vancouver installed the first Bitcoin ATM. The United States may now have the most cryptocurrency ATMs, but Canada is still firmly in the second place.