Cryptocurrency ownership is skyrocketing in Turkey, where more than half the population now own some form of crypto, according to recent data from KuCoin – a top-tier crypto exchange. In a country grappling with soaring inflation, digital currencies seem to be gaining popularity as a hedge against a depreciating lira – Turkey’s local currency. KuCoin’s latest “Understanding Crypto Users” report, which analyzed data from a 500-person survey, comments on this rising trend in crypto investments.
KuCoin highlighted, similar trends have been observed in countries like Brazil and Nigeria, where inflation remains a significant concern. Aside from this rising trend, what’s capturing attention is people’s motivation for investing in crypto. The surveyed Turkish population indicated that 58% were mainly interested in cryptocurrencies as a tool for long-term wealth creation, while 37% considered it a worthy store of value.
When it comes down to the choice of crypto, Bitcoin emerges as the undisputed leader, with 71% of the respondents owning the blue-chip crypto. Ethereum and other stablecoins trail, owned by 45% of the investors surveyed. An interesting aspect highlighted in the study is that while male investors still dominate, the number of young female Turkish investors is gradually escalating. They represent 47% of respondents aged 18-30.
Furthermore, the Turkish government has been innovatively exploring the creation of its Central Bank Digital Currency, the Digital Lira. KuCoin emphasizes the importance of understanding crypto users’ motivations, as the pace of cryptocurrency acceptance accelerates across the globe. Their data brings valuable insights into investor behaviors and the driving factors behind diverse regions.