We automatically assume that the highest concentration of crypto users and owners are in countries such as the USA, India and Northern Europe, however Turkish crypto users are way ahead of the pack. A recent survey suggests that 18% of Turkish people own cryptocurrencies, which is vast even when compared with 8% in the USA. So why is Turkey currently enjoying a crypto boom?
Turkey is already known as a nation where Western culture meets middle-eastern ideals to create a unique atmosphere where modernity meets Moorish architecture. However, a recent study by the Dutch banking and financial corporation, ING Bank, has shown surprising figures in regards to Turkish crypto usage.
ING Bank cryptocurrency survey
ING Bank conducted a survey across 15 countries to find out what each nation thought about crypto and the part they played in spending and investing in the industry. A total of 14,828 participants took part in the survey which is one of the largest of its kind ever conducted.
The most dramatic news to come from the survey is that 18% of Turkish people own cryptocurrency. The number of Turkish crypto users has surprised many people and soared past the 8% of Americans who have crypto.
ING’s behavioral scientist, Jessica Exton, revealed that approximately a third of Europeans believe that Bitcoin is the future of online shopping and spending. A total of 32% also think that crypto is the future of investing, while 29% said they would never invest any money in a crypto of any kind. Europeans are most definitely evolving to include crypto in their daily lives.
When discussing risk, around 30% of the respondents found that investing in digital currency is riskier than stocks and shares. The good news is that 70% thought otherwise. The survey also found that many Europeans would consider using crypto as a means of payment for most things. A total of 23% of people said they would use crypto as payment for a cup of coffee, while 30% would use crypto for international online purchases and even 20% would use crypto to pay for their kid’s university fees.
Turkish crypto users hit the top of the list
When asked if crypto was a viable avenue for online spending, 53% of Turkish respondents agreed, and even strongly agreed in many cases. This was followed by the same answer for Romanians (43%), Americans (31%), Brits (25%), Australians (18%) and Dutch (17%).
Some people are commenting that the report is biased towards younger crypto users because as the survey was conducted online and only the youngest and more technologically savvy youngsters would take part. However, Turkish crypto use is on the up whichever way you read the report. The report details that nearly one in five Turkish people say they own crypto, which has taken everyone by surprise. As we speak, crypto is on the rise in not just the middle-east, but also Africa as well.
ING’s survey has unearthed some interesting information that many parts of the world that we once saw as technologically inept are now embracing digital currencies. With Turkish crypto users now at an all-time high, no doubt it will encourage other middle-eastern nations to follow suit.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.