Major Turkish Crypto Exchange Paribu and its Survey

Turkey was regarded as a crypto-friendly country. However, a survey conducted by major Turkish crypto exchange Paribu revealed many interesting details. Importantly, Paribu wanted to find 1,000 Turkish citizens who had somehow heard about crypto. For example, major crypto exchange conducted more than 6,000 video interviews across 12 cities in Turkey to achieve this goal.

Unfortunately, as can be seen from the results, it is hard to describe Turkey as a cryptocurrency-savvy country.

Crypto exchange Paribu and Turkish citizens

According to the report, out of 6,253 respondents, only 44 traded cryptocurrency in some form. Moreover, only 0.7% of Turks have ever bought or traded cryptocurrencies. This is not the end of the story. The vast majority of respondents, more precisely 97% of them have to idea that blockchain technology is used to issue and manage cryptocurrencies.

Furthermore, 84% of respondents who took part in this survey never heard about cryptocurrencies.

Paribu and Akademetre used another sampling, as 44 was too small to conduct reliable research. They then managed to create another group of 300 regular crypto users.

Importantly, out of the 300 respondents, 34% expressed their trust in crypto. Interestingly, people are using crypto mostly as an investment or trading instrument. Less than one in three respondents used cryptocurrencies to transfer money.

The biggest cryptocurrency in the market was the most popular among Turkish users, as 68% of respondents are using Bitcoin. The second place belongs to Ethereum and the third place to Bitcoin Cash.

Interestingly, there is a huge potential among the young and tech-savvy population of the country.

Another major Turkish crypto exchange, BtcTurk, conducted a separate survey, in collaboration with the Istanbul University Statistics Appliances and Research Center to learn more about Bitcoin adoption in Turkey. Notably, 379 respondents participated in this survey.

According to this survey, trust in Bitcoin increased by 23% during the coronavirus pandemic and satisfaction rose by 58.5%.