Crypto as a Shield Against Inflation
A recent survey conducted by Kucoin reveals that crypto investors in Turkey have been steadily increasing, with many seeing crypto as a safeguard against inflation and a depreciating currency. The survey also highlights the growing interest of young Turks in the crypto market.
- The proportion of crypto investors among Turkish adults has increased from 40% to 52% in the past two years.
- 31% of Turkey’s crypto investors made their first investment in the past three months.
- Young Turks (under 30 years old) account for 54% of new crypto investors.
- A significant number of young investors are committing substantial funds to the crypto market, with 33% investing over 100,000 Turkish Lira (~$3,700).
- Bitcoin is the most favored crypto asset among survey respondents (71%), followed by Ethereum (45% overall and 52% among young investors), and stablecoins (33%).
Young Turks Showing an Increased Interest in Crypto
The Kucoin report further highlights the interest of young Turks in the crypto market, with a significant number of them investing substantial funds.
- 54% of Turkish adults who invested in crypto for the first time in the past year are under the age of 30.
- 33% of young investors below the age of 30 are investing over 100,000 Turkish Lira (~$3,700).
- Bitcoin is the most favored crypto asset among survey respondents (71%), followed by Ethereum (45% overall and 52% among young investors), and stablecoins (33%).
- 70% of respondents use crypto for trading, while 22% use it to buy non-fungible tokens (NFTs).
Hot Take
The findings of the Kucoin survey highlight the growing acceptance and adoption of crypto in Turkey, particularly as a shield against inflation. The increasing interest of young Turks in the market, along with their willingness to invest substantial funds, further solidifies the crypto landscape in the country. Bitcoin remains the preferred crypto asset, but Ethereum and stablecoins are also gaining popularity. As crypto continues to gain traction in Turkey, it opens up new opportunities for the global crypto community.