Turkey’s Growing Interest in Cryptocurrencies
Between November 2021 and May 2023, a noteworthy increase in the adoption of cryptocurrency among the adult population was observed in Turkey. According to Kucoin’s report titled ‘Understanding Crypto Users in Turkey,’ the number of Turkish adults investing in cryptocurrency grew from 40% to 52%.
54% of New Investors are Under 30
Interestingly, the younger generation in Turkey seems to be leading this trend. Kucoin’s report indicates that 54% of Turkish adults who ventured into the crypto space for the first time over the past year are under the age of 30. The report further highlighted that a significant portion of these young investors (stated as 33%) boldly invested amounts exceeding 100,000 Turkish Lira (approximately $3,700).
Turkey’s economy faces significant inflationary pressures, and it appears that many view cryptocurrencies as a potential safeguard. The rising adoption of crypto is believed to be a defense against escalating prices and a depreciating currency.
Johnny Lyu, the CEO of Kucoin, emphasized the significance of the data, stating, “Through ‘Into the Cryptoverse: Understanding Crypto Users in Turkey,’ we aim to contribute to a more enlightened crypto landscape and encourage the responsible inclusion and implementation of cryptocurrencies.”
Preferred Digital Assets from Turks
The survey also delved into the preferred digital assets among the Turkish population. According to 71% of survey participants, Bitcoin (BTC) emerged as the most favored cryptocurrency. Ethereum trails Bitcoin, capturing the interest of 45% of the overall respondents and notably, 52% of the younger investors. Stablecoins hold the third spot, garnering attention from 33% of participants.
The manner in which these cryptocurrencies are used is also of note. A significant 70% of survey respondents predominantly utilize their crypto assets for trading purposes. Meanwhile, the burgeoning NFT market has not gone unnoticed by the Turks; 22% have allocated a portion of their digital wealth for Non-Fungible Tokens (NFTs).