Turkey'south crypto userbase has grown more than 11 times over the concluding year, a new survey from Turkish crypto exchange Paribu shows.

The "Cryptocurrency Sensation and Perception Survey 2021" was conducted by Akademetre Research, revealing the perceptions and behaviors of Turkish citizens toward Bitcoin (BTC) and other cryptocurrencies. The kickoff survey was completed in 2020.

A meaning discovery of last year's enquiry was that only 0.7% of over 6,000 respondents traded crypto in some course. On top of that, 84% of respondents had never heard of Bitcoin or other cryptocurrencies before. These results have assorted with previous reports that claimed 1-fifth of the Turkish population was exposed to cryptocurrency.

This yr, however, shows a substantial jump in terms of cryptocurrency usage in Turkey. Out of nigh 1,400 respondents, 7.vii% said they traded with Bitcoin or other cryptocurrencies, marking a leap of 11 times in crypto users compared to final yr.

According to the survey, xi% of respondents with crypto knowledge have get agile crypto users. Equally a major crypto exchange in the country, Paribu reflects the adoption speed with its user count, which grew from 600,000 to over 4 million inside a twelvemonth.

Related: How did the Turkish crypto ecosystem survive 2020?

High earnings (60%) and curiosity (37%) are primary motivations for Turkish citizens to use cryptocurrencies. Virtually 1 in iv respondents used cryptocurrency because it was tech-based. On the other hand, the increase in crypto usage does not interpret into blockchain familiarity, equally the survey shows that 80% of respondents who know about crypto have never heard of blockchain.

Commenting on the results, Paribu CEO Yasin Oral said that the market'due south price movements and exchanges' marketing activities boosted crypto sensation in Turkey. Some local exchanges' actions that took advantage of users affected the survey results negatively, he noted, adding, "Trust in cryptocurrencies is increasing, but this research shows us ane more fourth dimension that we need clear regulations to constitute a complete trust for the userbase."