Survey: every fifth resident of Turkey has a cryptocurrency

According to a survey conducted by Statista, every fifth resident of Turkey used or currently owns cryptocurrency.

Note that Turkey has significant currency restrictions, galloping inflation and, as a result, a high interest rate, which increases the cost of borrowed funds and depresses business activity.

Data: tradingeconomics

Among other negative macroeconomic factors can be noted a significant level of unemployment, falling GDP and a negative trade balance, which also puts pressure on the Turkish lira.

The level of mass adoption is also extremely high in Latin American countries – Brazil, Colombia, as well as in Argentina, where the annual inflation rate exceeds 57% , and GDP in the last quarter of last year fell by 6.2%.

It is noteworthy that in Japan-friendly cryptocurrency, the mass adoption rate is relatively low – only 3%. Thus, it is obvious that the demand for Bitcoin and other cryptocurrencies is significantly higher in countries with high inflation and relatively weak monetary units.

Of the European countries, bitcoin is most popular in Spain. In Russia, 9% of respondents own or have owned cryptocurrency.

Earlier, BlockchainJournal published an article that explains why Russia, Turkey and other countries have relatively high demand for bitcoin.

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