The adoption of cryptocurrencies in Turkey has experienced a significant increase, with the percentage of crypto users in the country rising from 40 percent to 52 percent in the last 18 months.
KuCoin’s “Understanding Crypto Users” report collected data from 500 participants, revealing a growing interest in cryptocurrencies among the Turkish population.
Rising Interest as a Hedge Against Inflation
The surge in the number of cryptocurrency investors in Turkey mirrors trends seen in other countries grappling with inflation concerns, such as Brazil and Nigeria. This growth can be attributed to the Turkish lira’s substantial loss of over 50% in value against the US dollar.
Bitcoin Leads, Long-Term Investment Approach
Bitcoin remains the most favored cryptocurrency among Turkish investors, owned by 71 percent of them. The survey indicated that 58 percent of respondents view cryptocurrencies as a means of accumulating wealth over the long term, while 37 percent consider them a store of value. Ethereum and stablecoins also gained popularity among investors.
The research highlighted a noteworthy trend of increasing involvement of young women in Turkey’s cryptocurrency sector. In the age group of investors, 47 percent are female. Friends and family played a significant role in convincing individuals to invest in cryptocurrencies.
Evolving Stance on Digital Finance
While Turkey experiences growing crypto adoption, the government is also exploring the development of a central bank digital currency (CBDC) named the Digital Lira, reflecting the nation’s evolving approach to digital financial solutions.
