Nearly 50% of Turks Have Crypto Wallets
As in other countries experiencing fast inflation, KuCoin claims that cryptocurrency acceptance is rising in Turkey.
According to a recent poll by cryptocurrency exchange KuCoin, cryptocurrency usage is on the increase in Turkey, a nation currently experiencing severe inflation. Adoption rates in Turkey have risen rapidly over the last year and a half, from 40% to 52% of the population.
KuCoin, the world’s fifth-largest crypto exchange, compiled this information in their newest “Understanding Crypto Users” study from survey answers from 500 users.
According to KuCoin’s research in Turkey and before country reports, “the rising number and percentage of crypto investors suggest a growing fascination and appreciation for crypto as a hedge against inflation,” the company’s representative told Decrypt. The Turkish lira has lost over 50% of its value against the US dollar.
The KuCoin spokesperson cited comparable findings from the company’s archives regarding Brazil and Nigeria, where inflation is also a major issue.
While 37% of respondents plan to utilize cryptocurrency just as a store of value, 58% of all respondents claimed that “accumulating wealth over the long term” is their “primary reason” for investing in cryptocurrencies.
Bitcoin is the most popular choice among investors among cryptocurrencies. While 71% of investors reported holding Bitcoin, 46% reported holding Ethereum or another stablecoin.
Despite men’s continued preponderance as crypto investors, young Turkish women are rapidly entering the market. Females make up about half of the 18-to-30-year-old crypto investment population. The research found that 57% of those who invested did so after hearing positive reviews from friends and family.
The Digital Lira is a kind of central bank digital currency (CBDC) that has been the subject of trials by the Turkish government.
The KuCoin spokesman added, “We think possessing a deep and broad comprehension of the crypto community is essential in molding a more inclusive and transparent financial ecosystem.” “As the crypto environment keeps picking up steam, it becomes ever more important to understand the actions, inclinations, and driving forces of crypto users across various regions.”