According to a recent report, approximately 50% of individuals in Turkey now own cryptocurrencies. This rise in crypto ownership demonstrates the significant adoption and interest in digital currencies within the country. This article provides insights into the growing crypto trend in Turkey, highlighting the factors contributing to this surge in ownership.
Title 1: Crypto Adoption Soars in Turkey Amid High Inflation
Title 2: Understanding the Growing Crypto User Base in Turkey
The adoption of cryptocurrencies in Turkey is experiencing a significant surge, especially as the country grapples with high inflation. According to a research survey conducted by KuCoin, a leading crypto exchange, the adoption rate has risen from 40 percent to 52 percent over the past year and a half. This statistic highlights the increasing interest and acceptance of cryptocurrencies as a hedge against inflation, particularly as the Turkish lira has lost over 50% of its value against the US dollar.
KuCoin collected data from 500 survey respondents and analyzed it in their recent report titled “Understanding Crypto Users.” The report emphasizes the interest and acceptance of crypto investors in Turkey, similar to findings from previous reports on countries like Brazil and Nigeria, where inflation is also a pressing issue.
One of the key findings of the survey is that 58 percent of respondents invest in cryptocurrencies with the primary goal of accumulating long-term wealth. Additionally, 37 percent intend to use cryptocurrencies as a store of value. These figures indicate a growing recognition of the potential financial benefits and security offered by cryptocurrencies.
The survey also sheds light on the popular cryptocurrencies among Turkish investors. Bitcoin leads the pack, with 71 percent of respondents owning it. Ethereum and other stablecoins follow closely behind, with 45 percent ownership. This data demonstrates the dominance of Bitcoin in the Turkish crypto market.
Interestingly, the survey reveals that women, especially young women between the ages of 18 and 30, are increasingly joining the ranks of crypto investors in Turkey. Approximately 47 percent of crypto investors within this age group are female. Moreover, the report highlights that 57 percent of respondents decided to invest in cryptocurrencies due to positive word-of-mouth from friends and family, indicating the influential role of personal networks in driving crypto adoption.
While crypto adoption continues to rise, it is worth noting that the Turkish government is also exploring the development of a central bank digital currency (CBDC) called the Digital Lira. This initiative reflects the government’s recognition of the importance of embracing digital currencies and understanding the evolving needs and preferences of crypto users.
In conclusion, the research survey conducted by KuCoin highlights the growing adoption and acceptance of cryptocurrencies in Turkey, driven by the desire to hedge against inflation and accumulate long-term wealth. As the crypto industry expands, understanding the actions and motivations of crypto users becomes increasingly crucial in shaping a more comprehensive and accountable financial ecosystem.