Survey Proves! Crypto Users In Turkey Soar 11 Times

JAKARTA - A new survey from Turkish crypto exchange Paribu shows the current crypto user base in Turkey has grown more than 11 times over the past year.

“Cryptocurrency Awareness and Perceptions Survey 2021” conducted by Akademetre Research, reveals the perceptions and behavior of Turkish citizens towards Bitcoin (BTC) and other cryptocurrencies. The first survey was completed in 2020.

A significant finding from last year's research was that only 0.7% of the more than 6,000 respondents traded crypto in some form. In addition, 84% of respondents have never heard of Bitcoin or any other cryptocurrency before. This result contrasts with a previous report which claimed one-fifth of the Turkish population was already exposed to cryptocurrencies.

This year, represents a huge leap in terms of cryptocurrency usage in Turkey. Of the roughly 1,400 respondents, 7.7% said they traded with Bitcoin or other cryptocurrencies. This number marks an 11-fold jump in crypto users compared to last year.

According to the survey, 11% of respondents with crypto knowledge have become active crypto users. As the main crypto exchange in the country, Paribu reflects its speed of adoption with its number of users, which grew from 600,000 to over 4 million in a year.

High income (60%) and curiosity (37%) are the main motivations for Turkish citizens to use cryptocurrencies. Almost one in four respondents use crypto because it is technology based.

On the other hand, the increased use of crypto does not mean they are familiar with blockchain. The reason is the survey shows that 80% of respondents who know about crypto have never heard of blockchain.

Commenting on the results, Paribu CEO Yasin Oral said that market price movements and exchange marketing activities are increasing crypto awareness in Turkey. Some local exchange actions taking advantage of users negatively affected the survey results.

“Trust in cryptocurrencies is increasing, but this research shows us once again that we need clear regulations to build full trust for the user base,” said Yasin Oral.