According to the latest report, it has been established that Turks are not using cryptocurrencies as much as they used to before. Turkey is no more an avid user of cryptocurrencies.
A famous Turkish crypto exchange company, Paribu wanted to find 1,000 Turkish citizens who knew about cryptocurrency. They had to use more than 6,000 video interviews during this pandemic, across 12 cities in Turkey to find such people. The results show that it is true that Turks are no longer familiar with the concept of digital money.
On 23 July, new research from Paribu was released that claimed that Turkish people who use crypto are actually less than 1%.
84% of Turks had never heard of Bitcoin
As per the report, only 0.7% of the Turkish people ever used crypto and 97% of them do not even know the use of blockchain technology. The report also claims that only 44 people out of 6,253 have ever traded crypto in some form.
Another survey was followed after this with the aim to discover the ideology of crypto in Turk minds. 300 people were used in this research out of which only 34 % expressed their reliability on crypto.
Those who even use digital money use it as a means for trading or investment and not as an alternative to paper money.
Bitcoin wins the race
Among all the crypto’s Bitcoin has won the game with 68% usage. The CEO of Paribu, Yasin Oral, commented on the results of the survey by saying:
There’s a huge potential audience in Turkey. As the young and tech-savvy population of the country sees the advantages of cryptocurrencies, user numbers are going to increase accordingly. The high satisfaction rate of current crypto users is a big implication for this.
Reliance over Bitcoin surges during the COVID-19 pandemic
One more experiment was conducted by BtcTurk to find the usage of crypto during the pandemic and it was found that Turks’ trust in Bitcoin during this time surged by 23% which is a sign of progress.