- Binance research indicates a high cryptocurrency adoption rate in Turkey.
- 40% of Turkey holds crypto, ranking 12th on the Global Crypto Adoption Index.
- In the wake of the earthquake, Turkey received $442,000 in crypto donations and a $100 BNB airdrop.
The largest crypto exchange, Binance, has presented research on cryptocurrency adoption in the Republic of Turkey as part of its Binance Blockchain Week in Istanbul, Turkey.
According to the research, the country exhibits a robust rate of cryptocurrency adoption, with two out of every five citizens holding various crypto assets. Emphatically, it mentioned that approximately 40% of Turkish people reported investing in crypto, making crypto one of Turkey’s most popular asset classes.
Furthermore, the research disclosed that over the past three years, Turkey’s rate of crypto adoption has increased by 24%. This percentage growth earned it the 12th spot on Chainalysis’ Global Crypto Adoption Index for 2023, surpassing several larger economies.
Moreover, Chainalysis’ data has shown that Turkey is the fourth-largest market in terms of crypto transaction volume worldwide. Leading Turkey on the ranking are only the United States, the United Kingdom, and India.
In the survey among crypto investors, 66% cited the potential for profit as the primary motivation for investing in cryptocurrencies. Also, the report noted that the simplicity of portfolio management and an interest in the underlying technology influenced their investment decisions.
Regarding future expectations, 64% of the surveyed investors are optimistic that cryptocurrency prices will rise over the next year. Extending the outlook further, a larger majority (73%) anticipates that the number of crypto investors will grow within the next five years.
It is worth mentioning that cryptocurrencies have proved invaluable to Turkey in times of natural disasters. During Turkey’s earthquake relief efforts, Binance airdropped $100 worth of BNB to affected users.
Moreover, the exchange coordinated donations of over $442,000 in Bitcoin and other tokens from 1,533 donors. The program benefited 5,000 end-recipients at a time when access to traditional banking may be challenging.
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