Turkey Crypto Adoption Surges After Earthquake to 40%

• 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.

Binance, the world’s largest cryptocurrency exchange, presented research on cryptocurrency acceptance in the Republic of Turkey as part of the Binance Blockchain Week in Istanbul, Turkey.

According to the study, the country has a high rate of bitcoin adoption, with two out of every five citizens owning some form of cryptocurrency. It was said emphatically that roughly 40% of Turkish individuals reported investing in cryptocurrency, making cryptocurrency one of Turkey’s most popular asset classes.

Furthermore, the study found that Turkey’s rate of cryptocurrency use has climbed by 24% in the last three years. This rate of growth has propelled it to the 12th position on Chainalysis’ Global Crypto Adoption Index for 2023, beating several larger economies.

Furthermore, according to Chainalysis data, Turkey is the world’s fourth-largest market in terms of crypto transaction volume. Only the United States, the United Kingdom, and India are ahead of Turkey in the rankings.

The opportunity for profit was stated as the major incentive for 66% of cryptocurrency investors in a survey. The research also stated that their investing decisions were impacted by the ease of portfolio administration and an interest in the underlying technology.

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In terms of future forecasts, 64% of those polled believe bitcoin values will climb over the next year. Extending the forecast, a larger majority (73%) believes the number of crypto investors will increase over the next five years.

It is worth noting that bitcoins have proven beneficial in times of natural disasters in Turkey. Binance airdropped $100 worth of BNB to affected customers during Turkey’s earthquake relief efforts. 

Furthermore, the exchange organized 1,533 gifts totaling $442,000 in Bitcoin and other tokens. The program helped 5,000 people at a period when regular banking was difficult to come by.

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