Over Half of Adults in Turkey Own Digital Assets: KuCoin Study
A recent study conducted by crypto exchange KuCoin reveals that more than half of all adults in Turkey are involved in digital asset ownership.
According to KuCoin’s findings, the percentage of Turkish citizens investing in crypto has risen from 40% to 52% over the past 18 months, with an increasing number of women participating in the market.
The report states, “Although male investors still dominate at 57%, there is a growing trend of female participation, especially among the younger generation. Nearly half (47%) of crypto investors aged 18 to 30 are female. This indicates a narrowing gender gap as crypto adoption becomes more widespread, with female investors over the age of 45 accounting for only 37% of the total.”
The study also reveals that 31% of Turkey’s new crypto investors entered the market in the last quarter, and 36% of surveyed adults have invested more than 100,000 liras (approximately $3,745). Additionally, 37% of investors over the age of 45 have been involved in crypto for over two years, suggesting a stable adoption process in Turkey.
The motivations behind crypto investment in Turkey vary, with 58% driven by “future wealth,” 37% by “value storage,” 25% by “portfolio diversification,” 34% by “ease of transfers,” and 17% by “quick profit and excitement.”
Bitcoin (BTC) currently dominates the attention of Turkish investors, with 71% of survey respondents indicating their interest in it, followed by Ethereum (ETH) and stablecoins.
Stablecoins, according to KuCoin, are in demand as reliable digital assets for trading, transferring, and preserving value, attracting interest from 33% of investors.
The Turkish lira has experienced a significant loss in value against the dollar in the past decade, and the country has faced high inflation rates, reaching as high as 85% in 2022.
Hot Take: The increasing number of adults in Turkey embracing digital assets is a reflection of the changing financial landscape and the desire for financial security. With the Turkish lira’s depreciation and high inflation rates, individuals are turning to cryptocurrencies as a means of preserving and growing their wealth. The study’s findings also highlight the importance of inclusivity in the crypto space, with more women actively participating in the market. As crypto adoption continues to expand, it will be interesting to see how Turkey’s cryptocurrency ecosystem evolves and how it impacts the country’s financial landscape.
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