According to a new survey by Turkish crypto exchange Paribu, the cryptocurrency user base in Turkey has grown more than 11 times over the past year.

The “Cryptocurrency Awareness and Awareness Survey 2021” was conducted by Akademetre Research, which revealed Turkish citizens’ perceptions and behavior towards Bitcoin (BTC) and other cryptocurrencies. The first study was completed in 2020.

An important finding from last year’s survey was that only 0.7% of over 6,000 participants traded cryptocurrencies in one form or another. Moreover, 84% of respondents have never heard of Bitcoin or other cryptocurrencies before. These findings contrast with previous reports, which claimed that a fifth of Turkey’s population was exposed to cryptocurrency.

But this year, there has been a huge jump in the use of cryptocurrency in Turkey. Out of nearly 1,400 participants, 7.7% said they trade bitcoin or other cryptocurrencies, which means an 11-fold jump in cryptocurrencies compared to last year.

According to the survey, 11% of respondents with knowledge of cryptocurrency have become active cryptocurrency users. Paribu is the largest cryptocurrency exchange in the country and reflects the rate of adoption with a user base that has grown from 600,000 to more than 4 million per year.

On this topic: How did the Turkish crypto ecosystem survive in 2020?

High earnings (60%) and curiosity (37%) are the main motivations for Turkish citizens to use cryptocurrencies. Almost one in four participants used cryptocurrency because it is a technology. On the other hand, the growth in the use of cryptocurrencies does not translate into knowledge of the blockchain, as the survey showed that 80% of respondents who know cryptocurrencies have never heard of blockchain.

Commenting on the results, Paribu CEO Yasin Ural said that the market price dynamics and the exchange’s marketing activities have raised awareness of cryptocurrency in Turkey. He pointed out that the actions of some local exchanges that exploit users negatively affected the results of the survey, adding: “Trust in cryptocurrencies is increasing, but this survey shows us once again that we need clear rules to establish complete trust in the user base.”

Source: CoinTelegraph