Bitcoin Popularity In Turkey And Latin American Countries Lead The Way As US, Germany And Japan At The Bottom
Do you know in which countries cryptos are most popular? The answer might surprise you. At the moment, Bitcoin is worth over $9,000 USD, so many people around the world are considerably interested in discovering what this market has to offer. A recent study made by Statista highlighted the countries in which more people used Bitcoin.
According to the new study, the country that used Bitcoin the most was Turkey, with 20% of the respondents affirming that they used BTC. The official results state that at least one in five people in Turkey use or have used cryptos at some point.
Obviously, Turkey has a lot of reasons to be ranked so high. The country has received several political sanctions recently, which may have impacted the results. This caused the inflation to spike to at least 18% this year, a considerable number.
In order to save their money, a lot of people have started to use Bitcoin, which has been seeing its price going up recently, the exact contrary to what is happening to the local fiat currency.
Another curious statistic is that several Latin American countries also ranked very high. Brazil and Colombia had 18% of the respondents affirming that they had already used cryptos, 16% of the Argentinians, 12% of the Mexicans and 11% of the Chileans also affirmed that they used the crypto assets.
Other countries that ranked high were South Africa (16%), China (11%), Indonesia (11%), Spain (10%), Russia (9%) and Denmark (8%).
Curiously, some countries in which cryptos are supposed to be popular ranked fairly low, such as Australia has only 7%, the U. K. having 6%, the U. S. with 5% and Japan with only 3%, ranking the lowest of all in the survey.
Survey Has Some Very Strange Results
Should you actually trust this survey? Maybe not so much. While it is not unbelievable that several people in countries such as Turkey and Argentina, both of which have high inflation rates, some of the answers are not really very credible.
Can you actually believe that a higher percentage of the Brazilian population has traded in crypto than in Japan? This seems almost impossible, as most surveys would show. Brazil does not have a third of the crypto infrastructure that Japan, a considerably smaller country, has.
Statista affirmed that 1,000 people from each country were a part of the survey, but did they talk with a fair share of the population? While 1,000 is not a bad number for research, your results can get ridiculous when you mostly ask people involved in the financial and technology industry, for instance, in a country in which not even 10% of the population are a part of this industry.
Taking this into account, maybe Japan is not faring that badly (or maybe the survey is right and it is). Because of this, you should always remember to check the sources and the methodology of any survey very well before you believe it.