Turkey’s cryptocurrency adoption userbase has increased by more than 11 times in the previous year, this was according to a new survey by Turkish crypto exchange Paribu.
Akademetre Research performed the “Cryptocurrency Awareness and Perception Survey 2021,” which revealed Turkish citizens’ attitudes and actions about Bitcoin (BTC) and other cryptocurrencies. In 2020, the first such survey was done.
The fact that only 0.7% of over 6,000 respondents exchanged cryptocurrency in any way was a striking finding from last year’s study.
Furthermore, 84% of those polled had never heard of Bitcoin or other cryptocurrencies. Previous estimates indicated that one-fifth of the Turkish populace was exposed to cryptocurrencies, but these findings contradicted such claims.
This year, however, there has been a significant increase in the use of Bitcoin in Turkey. 7.7% of the 1,400 respondents claimed they traded Bitcoin or other cryptocurrencies, representing an 11-fold increase in crypto users over the previous year.
According to the survey, 11% of those who knew about cryptocurrency had become active users. Paribu, a major crypto exchange in the country, reflects the adoption rate with its user base, which has risen from 600,000 to over 4 million in just over a year.
Turkish citizens’ key motivations for using cryptocurrencies are high profits (60%) and curiosity (37%). The cryptocurrency was used by nearly one-quarter of respondents because it was technology-based money.
However, more crypto usage does not imply increased blockchain familiarity, as the survey reveals that 80% of those who are familiar with crypto had never heard of blockchain.
The market’s price movements and exchanges’ marketing operations, according to Paribu CEO Yasin Oral, improved crypto awareness in Turkey.
“Trust in cryptocurrencies is increasing, but this research shows us once again that we need clear regulations to establish complete trust for the userbase,” he said, adding, “Trust in cryptocurrencies is increasing, but this research shows us once again that we need clear regulations to establish a complete trust for the userbase.”