Crypto Use In Turkey Increased Eleven In One Year, New Survey Says

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Turkey’s crypto user base has grown more than 11 times over the past year, according to a new survey from Turkish crypto exchange Paribu.

The 2021 Cryptocurrency Awareness and Perception Survey was conducted by Akademetre Research, revealing the perceptions and behaviors of Turkish citizens towards Bitcoin (BTC) and other cryptocurrencies. The first such survey was carried out in 2020.

An important finding from last year’s research is that only 0.7% of the over 6,000 respondents traded crypto in one form or another. On top of that, 84% of those surveyed had never heard of Bitcoin or other cryptocurrencies before. These results contrast with previous reports that one fifth of the Turkish population was exposed to cryptocurrency.

This year, however, shows a substantial leap in terms of cryptocurrency usage in Turkey. Of around 1,400 people surveyed, 7.7% said they traded with Bitcoin or other cryptocurrencies, marking an 11-fold jump in the number of crypto users from last year.

According to the survey, 11% of those polled with crypto knowledge have become active crypto users. As the major crypto exchange in the country, Paribu reflects the speed of adoption with its number of users, which has grown from 600,000 to over 4 million in one year.

Related: How Turkey’s Crypto Ecosystem Survived 2020

High income (60%) and curiosity (37%) are the main motivations of Turkish citizens to use cryptocurrencies. Almost one in four respondents used cryptocurrency because it was technology-based. On the other hand, the increase in the use of crypto does not translate into familiarity with blockchain, as the survey shows that 80% of those surveyed with knowledge of crypto have never heard of blockchain. .

Commenting on the results, Paribu CEO Yasin Oral said market price movements and the exchange’s marketing activities have boosted crypto awareness in Turkey. Some local exchange actions that benefited users negatively affected the survey results, he noted, adding that confidence in cryptocurrencies is increasing, but this research shows us once again that we are we need clear regulations to establish complete trust for the user base.

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