- A survey by KuCoin has revealed a surge in crypto ownership in Turkey, with the number of crypto investors increasing from 40% to 52% in the past year and a half.
- The survey, conducted by KuCoin, revealed that 58% of respondents primarily invest in cryptocurrencies to build long-term wealth, while 37% view them as a store of value.
- Bitcoin is the most popular cryptocurrency, followed by Ethereum and other stablecoins.
A recent survey conducted by KuCoin has shed light on the growing adoption of cryptocurrencies in Turkey, a country grappling with high inflation. The study reveals that crypto ownership has surged from 40 percent to 52 percent of the Turkish population in the past year and a half.
KuCoin, recognized as the fifth largest crypto exchange globally, gathered this data by surveying 500 individuals and presented their findings in the “Understanding Crypto Users” report.
A representative from KuCoin explained, “Our research in Turkey, along with previous reports on other countries, demonstrates a clear trend. The increasing number of crypto investors in Turkey reflects a growing interest in using cryptocurrencies as a safeguard against inflation, especially given the Turkish lira’s depreciation of over 50% against the US dollar.”
This trend is not unique to Turkey, as similar reports from KuCoin have highlighted rising crypto adoption in countries like Brazil and Nigeria, where inflation is also a pressing concern.
According to the survey, 58 percent of respondents stated that their primary motive for investing in cryptocurrencies is to build long-term wealth, while 37 percent view crypto as a store of value.
In terms of specific cryptocurrencies, Bitcoin is the most favored, with 71 percent of investors claiming ownership, followed by Ethereum and other stablecoins, owned by 45 percent of respondents.
Although men are still more inclined to invest in crypto, the survey shows a growing number of young women in Turkey entering the crypto space. In fact, 47 percent of crypto investors aged 18 to 30 are female. Additionally, the report reveals that 57 percent of respondents decided to invest in cryptocurrencies based on recommendations from friends and family who highlighted the benefits of digital assets.
The Turkish government is testing a digital currency called the Digital Lira.
The KuCoin representative stated, “Understanding the crypto community is vital for shaping a more inclusive and responsible financial system. With the crypto world growing rapidly, it’s increasingly important to grasp how crypto users behave and what motivates them in different regions.”