Half of the People in Turkey Now Own Crypto

[red4slash]

KuCoin-the fifth largest crypto exchange in the world-collected this data based on the survey responses of 500 people, which they analysed in their latest "Understanding Crypto Users" report.

But in this article it is also mentioned that the kuCoin Survey is based on 500 people which we do not know who was surveyed and seeing from the results it could be that it is a person who is already in cryptocurrency in it because seeing from the same article.

According to the survey, 58 per cent of respondents said their "primary reason" for investing in cryptocurrency is to "accumulate wealth over the long term," while 37 per cent aim to use it as a store of value.

this means that 97 per cent of the total respondents asked already knew about crypto.

Even though it can also be very good for positive news but I think we have to be aware that sometimes things like this can be exaggerated even though if it is true then it is very good for them.
I also agree with what @Z-tight said where in the end the population with a large number as he said 500 people cannot be a real benchmark in this case especially we don't know if this survey was conducted with randoms taken from various regions or only kuCoin users did it because this also actually needs to be reviewed.

[The Cryptovator]

The number is huge, half of the population holding crypto in a country means a very big number. I am not sure how they survey these numbers, but I don't believe it's true. However I have a few crypto friends in Turkey as well, and we often talk regarding market conditions. Seems they are more advanced than us. So pretty sure Turkey is a crypto-friendly country, but I don't think half of the people are involved with crypto. If the news is true then of course it's better for the overalls crypto community.

[Faisal2202]

This statistics is BS, Turkey is a country of over 85m people, and you ask just 500 people what their opinion of crypto is, and you use that to draw conclusion that half of the people in Turkey now own crypto. Kucoin are probably doing this to atract attention to themselves, it has to be some sort of marketing strategy.

It is difficult to get statistics on the number of people using crypto in a particular region, but this one is a very weak attempt that does not in anyway paint the actual picture, Kucoin is just picking numbers out of a hat and making an exaggerated conclusion.

At least we can understand the actual number will be more than in the stats. Because as you said, Turkey have 85 million of population and if you have asked only 500 then we should not say the adoption rate has increased from X point to Y point. Well think for a second, if survey of 500 peoples is showing the positive impact the imagine the outcomes if survey was done to 50 million. I know out of 85 million people most are old and most are so young that they do not wanted to involve in Crypto but the remaining ones must be adopting Crypto especially those who knows and aware of the current financial systems.

I just wanted to share my idea about your statement as I did not meant any disrespect and if my words have done any damage then I am sorry.

[ZAINmalik75]

In June this year, Turkey's Inflation was reported at 38.2% and it's currently 47.83% in August.
https://tradingeconomics.com/turkey/inflation-cpi

I am sure for the people, Crypto is surely a bless.

The inflation rate is increasing in almost every country. For example, if we look at the inflation rate in our country (Pakistan), we will see that it has increased from 227 to 235 in the months of July to August. The purpose of explaining all this is to indicate that adoption of crypto has also increased in that time period. More and more people are now adopting BTC because they understand that it is one of the best assets and provides a great hedge against inflation in the long term. But there are still many people who are afraid to adopt BTC due to its high volatility.

Crypto really is a blessing for everyone. It has provided a doorway for the poor to escape from the matrix. I hope you are aware of the matrix, in which people are stuck in a loop of like and struggle for their lives till they die. In that loop, most people are born poor and die poor too because they were not given the opportunity, but here, BTC has helped a lot of communities, people, and countries to make their wealth more stable over the course of a maximum of 5 years.

But I am really amazed to see the adoption of BTC there. The people of Turkey are also well educated, and the country might be facing high inflation like others, but the standard of living is still a luxury there. People in that country are good, as some of my acquaintances have gone there for studies.

[Ale88]

Interesting to see how people in Turkey are preferring Crypto over fiat to save themselves from the inflation.

Interesting? I mean, it depends how we want to see this news: if it's interesting because there is a country whose half population own crypto, then yes, it's pretty impressive; if it's interesting because people are buying crypto to protect themselves from inflation then I wouldn't say it's a surprise, it's just a natural consequence.

[romero121]

Interesting to see how people in Turkey are preferring Crypto over fiat to save themselves from the inflation.

Interesting? I mean, it depends how we want to see this news: if it's interesting because there is a country whose half population own crypto, then yes, it's pretty impressive; if it's interesting because people are buying crypto to protect themselves from inflation then I wouldn't say it's a surprise, it's just a natural consequence.

Well said. This has been happening with most of the country people. Understanding the goodness of bitcoin and making investment or buying it is different from buying/investing into bitcoin by situation. Turkey is a country that is suffering financial problems, and some decisions supportive to bitcoin usage needs to be appreciated. Because people have more other choice, yet they've got into cryptocurrency shows that people have well known about it and trust in it.

[AHOYBRAUSE]

Dunno, this number seems grossly overexaggerated to me, as they usually are when it comes to crypto adoption. I mean, I would love if its true, but I honestly doubt that 50% of people in Turkey owns crypto, and if you check the article Kucoin based that number on survey on 500 people only.

Looking forward to hear whta out members from Turkey has to say about this, do they have a feling that half the people around them owns crypto.

LOL that's what I was thinking.

I just made a quick google check about the population.

0–14 years   22% (2022)
15–64 years   68.1% (2022)
65 and over   9.9% (2022)

Let's say some more % are 14-18 years old, so also not really crypto material. And I don't think a good amount of people 65 and older are into crypto as well.

That would leave let's say 64% or the population that is between 18-65. So almost 80% of this group must own crypto according to this report.

Seems legit.

[Fundamentals Of]

Just like the others, I am also suspicious of these numbers. I didn't read the study or the survey which released these numbers but I doubt it is done right so as to be realistic in its findings.

Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.

But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.

[wxa7115]

This statistics is BS, Turkey is a country of over 85m people, and you ask just 500 people what their opinion of crypto is, and you use that to draw conclusion that half of the people in Turkey now own crypto. Kucoin are probably doing this to atract attention to themselves, it has to be some sort of marketing strategy.

It is difficult to get statistics on the number of people using crypto in a particular region, but this one is a very weak attempt that does not in anyway paint the actual picture, Kucoin is just picking numbers out of a hat and making an exaggerated conclusion.

Inferences about a population can be done with statistics and a very low amount of people being subjected to a survey, however it is obvious there is something wrong, one of the most common mistakes when making a survey is the bias when it comes to selecting the group that is bound to be subjected to the survey.

So it is clear to me there was a huge bias on the survey and they interviewed people that had a greater probability of being invested in this market, as there is no way those numbers are correct.

[legendbtc]

This statistics is BS, Turkey is a country of over 85m people, and you ask just 500 people what their opinion of crypto is, and you use that to draw conclusion that half of the people in Turkey now own crypto. Kucoin are probably doing this to atract attention to themselves, it has to be some sort of marketing strategy.

It is difficult to get statistics on the number of people using crypto in a particular region, but this one is a very weak attempt that does not in anyway paint the actual picture, Kucoin is just picking numbers out of a hat and making an exaggerated conclusion.

Inferences about a population can be done with statistics and a very low amount of people being subjected to a survey, however it is obvious there is something wrong, one of the most common mistakes when making a survey is the bias when it comes to selecting the group that is bound to be subjected to the survey.

So it is clear to me there was a huge bias on the survey and they interviewed people that had a greater probability of being invested in this market, as there is no way those numbers are correct.

It is possible that this survey is biased and the data inaccurate, but reports that Turkish citizens are using cryptocurrencies to a high degree are not new news. Because as we know, Türkiye has an extremely high inflation rate when the government has anti-inflation policies like no other. If I remember correctly, their president chose to lower interest rates to prevent inflation, this is considered a contrary idea compared to other countries and they failed to prevent inflation. As we have also seen in countries with high inflation such as Argentina, Brazil...the trend of using cryptocurrency is increasing. So, don't be surprised that Türkiye is also among the countries with high cryptocurrency usage.

[bitzizzix]

Interesting to see how people in Turkey are preferring Crypto over fiat to save themselves from the inflation.

Interesting? I mean, it depends how we want to see this news: if it's interesting because there is a country whose half population own crypto, then yes, it's pretty impressive; if it's interesting because people are buying crypto to protect themselves from inflation then I wouldn't say it's a surprise, it's just a natural consequence.

Well said. This has been happening with most of the country people. Understanding the goodness of bitcoin and making investment or buying it is different from buying/investing into bitcoin by situation. Turkey is a country that is suffering financial problems, and some decisions supportive to bitcoin usage needs to be appreciated. Because people have more other choice, yet they've got into cryptocurrency shows that people have well known about it and trust in it.

That's right, and at least they believe in and know Bitcoin and this will set an example for a lot of people out there who will know Bitcoin to learn and do.
Inflation or financial problems in any country will make Bitcoin eyed and for whatever reason and at least they know and are involved, and that will be their consideration after they really know Bitcoin well.
And inflationary pressures in Turkey have caused crypto assets such as Bitcoin and some cryptocurrencies to experience a spike in interest, as they are considered safe haven assets compared to the Turkish lira and some stocks and are traded there, which is good news.

[Ayers]

This statistics is BS, Turkey is a country of over 85m people, and you ask just 500 people what their opinion of crypto is, and you use that to draw conclusion that half of the people in Turkey now own crypto. Kucoin are probably doing this to atract attention to themselves, it has to be some sort of marketing strategy.

It is difficult to get statistics on the number of people using crypto in a particular region, but this one is a very weak attempt that does not in anyway paint the actual picture, Kucoin is just picking numbers out of a hat and making an exaggerated conclusion.

Inferences about a population can be done with statistics and a very low amount of people being subjected to a survey, however it is obvious there is something wrong, one of the most common mistakes when making a survey is the bias when it comes to selecting the group that is bound to be subjected to the survey.

So it is clear to me there was a huge bias on the survey and they interviewed people that had a greater probability of being invested in this market, as there is no way those numbers are correct.

It is possible that this survey is biased and the data inaccurate, but reports that Turkish citizens are using cryptocurrencies to a high degree are not new news. Because as we know, Türkiye has an extremely high inflation rate when the government has anti-inflation policies like no other. If I remember correctly, their president chose to lower interest rates to prevent inflation, this is considered a contrary idea compared to other countries and they failed to prevent inflation. As we have also seen in countries with high inflation such as Argentina, Brazil...the trend of using cryptocurrency is increasing. So, don't be surprised that Türkiye is also among the countries with high cryptocurrency usage.

Right, cryptocurrencies are growing very strongly in Turkey and this has been known for a long time, it is no longer new. I just looked back at an article I read last year and it also pointed out that cryptocurrencies are thriving in Turkey. Inflation in Turkey sometimes exceeds 80% and it is understandable that people are looking for a solution against inflation.

It can be said that cryptocurrency is considered a financial game by many people, but in countries with high inflation, bitcoin and cryptocurrency are being considered the only savior.

https://www.coindesk.com/layer2/2022/10/25/turkey-cryptocurrency-explained/

[hd49728]

Right, cryptocurrencies are growing very strongly in Turkey and this has been known for a long time, it is no longer new. I just looked back at an article I read last year and it also pointed out that cryptocurrencies are thriving in Turkey. Inflation in Turkey sometimes exceeds 80% and it is understandable that people are looking for a solution against inflation.

It can be said that cryptocurrency is considered a financial game by many people, but in countries with high inflation, bitcoin and cryptocurrency are being considered the only savior.

https://www.coindesk.com/layer2/2022/10/25/turkey-cryptocurrency-explained/

The image is interesting. NakitCoins has their announcement thread in Bitcointalk and they even run a signature campaign too.

Announcement thread
Signature campaign thread

It is interesting to see NakitCoins is still actively operating in Turkey after they decided to stop a signature campaign and left the forum.

[adaseb]

Yes I hate these surveys which are bias because they got a small sample size and are geared towards a specific audience.

This is like asking a bunch of gear heads if they think the speed limit should be raised. Or asking a bunch of Tesla fan boys If they prefer Twitter or Facebook?

Either way it’s great for adoption and especially important since inflation is bad but it’s highly impossible that half the country is using bitcoin on a daily basis.

[Inwestour]

Inferences about a population can be done with statistics and a very low amount of people being subjected to a survey, however it is obvious there is something wrong, one of the most common mistakes when making a survey is the bias when it comes to selecting the group that is bound to be subjected to the survey.

So it is clear to me there was a huge bias on the survey and they interviewed people that had a greater probability of being invested in this market, as there is no way those numbers are correct.

I am always very skeptical about any polls, and I have doubts about the relevance of the data obtained based on them, but they can give some general picture. I guessed that in Turkey a fairly large part of the population owns cryptocurrencies, and I think this is because in recent years their national currency has been subject to high inflation, this has contributed to the fact that people were forced to look for safe assets in order to save their funds. And given that Bitcoin has been in a bear market for a long time, this should have made it a good choice for preserving the purchasing power of your savings.

I know this is not a guarantee and Bitcoin may fall in price, but after this cycle ends a bull market will follow, and that is why Bitcoin looks like a good option for this.

[crwth]

Half of those 500 people with the survey are smart to buy Crypto to make sure to hedge against inflation. With the inflation rate that high so much, that's got to be a blow to their economy. They are probably affected by that so much that they know that fiat is not going to do good.

[Woodie]

But does this finding agree with primary data from the government who are in a better position to tell us if the people of Turkey 🇹🇷 are on the verge of going all crypto, besides I find this headline to be bias in its nature as they are saying Turkey is only using Kucoin and not any other exchange out there which makes this actually sound like a marketing gimmick to get more Turkish people on on the kucoin boat and leave other exchanges.

Right, cryptocurrencies are growing very strongly in Turkey and this has been known for a long time, it is no longer new. I just looked back at an article I read last year and it also pointed out that cryptocurrencies are thriving in Turkey. Inflation in Turkey sometimes exceeds 80% and it is understandable that people are looking for a solution against inflation.

80% in inflation screams a failed or collapsed economy,  and at this point it would be shocking if they still have a local currency to talk about as it might have been rendered useless but thank God we have cryptocurrencies that can act as a parallel currency that can help correct the effects of inflation there...

[Sim_card]

From what Kucoin is pointing out is that Turkey is increasing in the adoption of crypto but the 52% is an exaggeration figure. I am happy that people have begin to see bitcoin as an hedge to inflation, especially those third world countries that inflation is at its peak. It is good news to see that bitcoin is gaining more popularity. I hope that it is bitcoin that they are investing on and not just any cryptocurrency,so that they don't run at loss. Surveys ain't easy to carry out and most times,they come up with bias figures

[BALIK]

Just like the others, I am also suspicious of these numbers. I didn't read the study or the survey which released these numbers but I doubt it is done right so as to be realistic in its findings.

Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.

But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.

The survey results have never been used as a measure or representative of anything, but we cannot deny that cryptocurrencies are thriving in countries with high inflation.

You don't need to wish because that's what's happening, cryptocurrencies are becoming friendly in countries with crazy inflation.

If you are someone who regularly reads economic and financial news, it will not be surprising that Turkey is one of the countries with high inflation rates in the world. As I said, I don't care about the survey results but I believe it is true that Turks are using bitcoin or cryptocurrency to avoid inflation.

[Lucius]

@ImThour, at least you, as a Legendary member, should know the difference between Bitcoin and crypto, and since no one mentions Bitcoin explicitly, what is this topic doing in the Bitcoin discussion? Even if the figure is miraculously true (and of course it isn't), people who invest in altcoins have messed up in the long term anyway, whether they will be screwed by inflation or 99% of crypto projects that will fail in the next 2-3 years.

What I noticed is that "someone" persistently pumps this kind of "research" in that country, because a few years ago we had a similar discussion, only the number of those who owned crypto was 18%. You don't need to be too intelligent to conclude that various CEXs are using the economic situation in that country to create the impression that everyone is buying cryptocurrencies, which is actually a tactic for them as companies to attract more clients and of course earn more by charging high service fees.


In addition, I noticed that some members warn that we no longer write the name of the country as Turkey, new is Türkiye.

https://www.npr.org/2023/01/08/1147704945/the-state-department-will-begin-spelling-turkey-as-turkiye