According to the survey, the use of cryptocurrencies in Turkey has increased tenfold in one year

The crypto user base in Turkey has grown more than 11-fold since last year, according to a new survey by Turkish crypto exchange Paribu.

The “Cryptocurrency Awareness and Awareness Survey 2021” carried out by Akademetre Research shows the perception and behavior of Turkish citizens towards Bitcoin (BTC) and other cryptocurrencies. The first such survey was completed in 2020.

A key finding of 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 those surveyed had never heard of Bitcoin or other cryptocurrencies. These results contrast with previous reports claiming that a fifth of the Turkish population has been exposed to cryptocurrencies.

However, this year there has been a significant increase in crypto usage in Turkey. Of the approximately 1,400 respondents, 7.7% said they had traded in Bitcoin or other cryptocurrencies, which is an 11-fold increase in crypto users compared to last year.

According to the survey, 11% of respondents with crypto knowledge have become active crypto users. As the country’s major crypto exchange, Paribu reflects the speed of adoption with its user base growing from 600,000 to over 4 million in one year.

Related: How Will Turkey’s Cryptocurrency Ecosystem Survive In 2020?

High income (60%) and curiosity (37%) are the main reasons for Turkish citizens to use cryptocurrencies. Almost one in four respondents uses cryptocurrency because it is based on technology. On the other hand, the increase in the use of cryptocurrencies does not lead to familiarity with the blockchain, as the survey found that 80% of respondents who are knowledgeable about cryptocurrencies have never heard of blockchain.

Commenting on the results, Paribu CEO Yasin Oral said that market price movements and the exchange’s marketing activities have increased crypto awareness in Turkey. Noting that some local exchanges taking advantage of their users negatively impacted survey results, he added, “Trust in cryptocurrencies is growing, but this research shows us again that we need clear rules to build complete trust in the user base . “