A recent report by the crypto exchange KuCoin reveals that more than half of the adult population in Turkey invests in cryptocurrencies.
The report, titled “Into The Cryptoverse: Understanding Crypto Users in Turkey,” discloses that 52% of the country’s adult population was engaged in crypto investments as of May 2023. This rate was 40% in November 2021.
Moreover, this indicates a remarkable 12% increase over the past 18 months. The surge brings to light the growing prominence of the crypto industry within Turkey despite prevailing market conditions.
Turkish nationals’ desire to address Turkish lira concerns has compounded the growing crypto adoption. The report shows that the lira has seen a drastic depreciation of over 50% against the US dollar.
Crypto adoption has gained momentum among Turkish citizens despite President Recep Erdoğan’s war on Bitcoin (BTC). Erdogan, who recently secured a re-election, declared his stance on BTC in 2021.
KuCoin also revealed that almost half (47%) of these crypto investors between 18 and 30 are female, contributing to a narrowing gender gap.
In addition, younger generations dominate the crypto scene, with ages 31 to 44 constituting the largest portion of investors at 48%. Also, 37% of investors are under the age of 30.
Moreover, this younger demographic’s enthusiasm has led to 33% of investors under 30 investing over 100,000 Turkish lira in crypto since the last quarter.
Trading or investment?
The survey highlights an array of motivations among adult digital asset investors in Turkey. A substantial 58% express a long-term wealth-building goal through crypto investments, a sentiment that resonates across all generations.
Interestingly, older investors lean towards a desire to preserve value and diversify their portfolios, while the younger cohort places a higher emphasis on transactional ease and short-term gains.
Regarding asset preference, Bitcoin takes the lead with 71% of overall investor interest, followed by Ethereum (ETH) and stablecoins.
Ethereum garners 45% interest among all investors and an even higher 52% among the youth. The survey also recognizes the growing traction of NFTs and Metaverse concepts, with 21% expressing interest in NFTs and 19% in the Metaverse.