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Crypto usage in Turkey jumped by elevenfold in a year, new survey shows

This week, a new study on Turkey’s cryptocurrency markets has shown that use has more than tripled in the last 12 months. Woyale expects usage to grow by another 10 times its current level in the next five years. However, it is important to note that the study focused on the growth of private entities, rather than the state, and does not represent the whole picture.

According to the study, conducted by the CBPAG, a nonprofit that examines crypto usage, among Turks, the number of people using cryptocurrencies rose dramatically from 7.8% in May to 38.8% in December. The survey also showed that the number of Turks who said they had bought cryptocurrencies in the past year rose from 16% to 38%.

The user base of cryptocurrency in Turkey has grown more than 11-fold in the past year, according to a new study by Turkish cryptocurrency exchange Paribu.

The Crypto-Currency Awareness and Perception Survey 2021, conducted by Akademetre Research, revealed Turkish citizens’ perception and behavior towards bitcoin (BTC) and other crypto-currencies. The first of these studies will be completed in 2020.

One of the key findings of last year’s survey was that only 0.7 percent of the more than 6,000 people surveyed traded in cryptocurrencies in any form. Moreover, 84% of those surveyed had never heard of bitcoin or other cryptocurrencies. These results contrast with previous reports that claimed one-fifth of the Turkish population was familiar with cryptocurrencies.

This year, however, the use of cryptocurrencies in Turkey has taken a big leap. Of the roughly 1,400 people surveyed, 7.7 percent said they traded in bitcoin or other cryptocurrencies, an 11-fold increase in the number of cryptocurrency users compared to last year.

According to the survey, 11% of respondents with knowledge of cryptocurrencies have become active users of them. As the largest cryptocurrency exchange in the country, Paribu reflects the pace of cryptocurrency adoption with its user base, which has grown from 600,000 to over 4 million in a year.

Related: How did Turkey’s crypto ecosystem survive in 2020?

High income (60%) and curiosity (37%) are the main motivations for Turkish citizens to use cryptocurrencies. Nearly one in four respondents use cryptocurrencies because they are technology-based. On the other hand, the increasing use of cryptocurrencies does not lead to familiarity with blockchain, as the study found that 80% of respondents who are familiar with cryptocurrencies have never heard of blockchain.

Commenting on the results, Paribu CEO Yasin Oral said that market price movements and the exchanges’ marketing activities have helped raise awareness of cryptocurrencies in Turkey. Some actions by local power plants that benefited users had a negative impact on the survey results, he said, adding: Trust in cryptocurrencies is growing, but this study shows us once again that clear rules are needed to gain the full trust of the user base.

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