Rising Adoption of Crypto in Turkey
In a surprising statistic, over 50% of all Turks own cryptocurrency, making them one of the leading countries in terms of crypto ownership. This phenomenon has been attributed to several factors, including rising inflation and the devaluation of the Turkish Lira against the US dollar. Many Turkish people see crypto as a hedge against inflation and a way to protect their wealth.
Interestingly, there has been an increase in the participation of Turkish women in the crypto scene. While male investors still dominate with 57% ownership, the age group between 18 and 30 shows 47% female ownership, and the age group over 45 shows 35% female ownership.
The younger generation is the most active in the Turkish crypto scene, with the age group between 31 and 44 representing 48% of all age groups. The age group between 18 and 31 follows closely behind with 37% ownership.
Understanding Turkish Crypto Users
A majority (70%) of Turkish investors prefer to trade cryptocurrencies. However, there is also a significant group (19%) that holds or stakes coins, seeking ways to generate passive income. As investors grow older, their interest in staking or holding increases.
P2P trading is a popular option among Turkish investors, with 23% utilizing this feature. Additionally, cryptocurrencies are used for salary payments by 9% of individuals and for donations to non-profit organizations by 8%. Different age groups have different preferences for how they use crypto.
Many Turkish people got involved in crypto through friends and family (57%), while communities played a role for 35% of investors. Influencers and social media also influenced the decision to invest for 27% of individuals.
The Turkish Government’s Role
The Turkish government is actively working on creating a central bank digital currency (CBDC) called the Digital Lira. This initiative is part of their effort to tighten monetary policies and combat inflation. However, Turkish investors have additional reasons for seeking financial freedom through crypto.
Hot Take: The Growing Popularity of Cryptocurrencies in Turkey
Turkish crypto investors are increasingly turning to cryptocurrencies as a hedge against inflation. With over 50% of Turkish adults invested in crypto, the adoption rate in Turkey is skyrocketing. Notably, there is a growing trend of women participating in the crypto scene. The reasons behind this surge in popularity are multifaceted, including economic factors and the desire for financial freedom. As Turkey embraces cryptocurrencies, it will be interesting to see how this trend continues to unfold.
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