By Shelly Melancon (Switzerland)
Cryptocurrency consciousness and adoption is fast spreading as Turkey joins the list of countries embracing crypto, says findings of a new study. Turkish cryptocurrency platform, Paribu, carried out a new study and the findings of the study indicate that the number of crypto users in the country has peaked by 11 folds since 2020. The percentage of crypto users recorded in 2020 was poor such that 2021 findings are a considerable improvement on 2020’s study findings.
The latest study was termed, ‘Cryptocurrency consciousness and Perception 2021′ and done by Turkish survey firm, Akademetre Research, in order to shed light on the opinions and dispositions of the Turkish people towards flagship cryptocurrency, Bitcoin and other crypto assets. According to 2020 study findings, out of 6523 participants’ views polled, only 0.7% said they had traded crypto in some way.
Aside from that, a whopping 84% of them said they had no knowledge of Bitcoin and other cryptocurrencies. The findings from the 2020 study negated one done earlier which asserted that a considerable number of Turkish citizens used or owned cryptocurrencies. The earlier study done by a different survey firm was found to be inconclusive as it did not represent the true state of cryptocurrency adoption in Turkey.
Blockchain Consciousness Low in Turkey, 2020 Study Reveals
Subsequently, Akademetre’s 2020 findings show that only 44 out of 6523 Turks had traded crypto; 97% had no inkling that the blockchain innovation was used to manage cryptocurrencies and 84% said they had no knowledge of crypto. The number of those who traded crypto in 2020 is equivalent to the 0.7% figure mentioned earlier.
Also read:Interestingly, 2021 figures show a considerable improvement on 2020 findings. As it relates to crypto adoption, the latest study observed an uptrend. Contrary to the 0.7% cryptocurrency adoption figure recorded in 2020, the figure leaped to 7.7%, signalling an 11-fold peak from over the past year. The latest study involved 1,400 participants of which 7.7% said they have traded BTC or any other cryptocurrency.
High Rewards and Curiosity Influence Crypto Adoption in Turkey
Same study observed that 11% of the total participants with crypto consciousness are now active crypto users. Leading Turkish crypto platform, Paribu also noted that its user base has peakedd to 4 million users from 600,000 in a year. This is a positive indication of the vast spread of crypto consciousness. The latest study further reveals that the motivating factors for widespread crypto adoption in Turkey are high rewards and curiosity, which are represented with 60% and 37%, respectively.
Almost one in four participants used crypto due to being tech-focused. However, the peak in crypto consciousness is not a sovereign determinant of blockchain tech consciousness. 80% of the study participants have no knowledge of blockchain or know what it represents, a 17% reduction from 2020 97% figure.
Paribu crypto platform’s CEO, Yasin Oral made comments on the latest findings, saying the market movement earlier this year and promotion by crypto platforms’ positively influenced crypto consciousness in the country. He also noted that the Thodex incident in the country adversely influenced the study findings.
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