More than Half of Turkey’s Adult Population Invests in Cryptocurrencies, reveals KuCoin Report
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, showing a remarkable 12% increase over the past 18 months.
Key points from the report include:
– Turkish nationals’ desire to address Turkish lira concerns has led to increased crypto adoption.
– Almost half (47%) of crypto investors between 18 and 30 are female, contributing to a narrowing gender gap.
– 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.
– Bitcoin is the preferred asset among investors, with 71% overall interest, followed by Ethereum (45%) and stablecoins.
– NFTs and the Metaverse concepts are gaining traction, with 21% showing interest in NFTs and 19% in the Metaverse.
Overall, the report highlights the growing prominence of the crypto industry in Turkey, despite market conditions and the government’s stance on Bitcoin. It also showcases the diverse motivations of Turkish crypto investors, with a focus on long-term wealth-building, value preservation, and transactional ease.
Hot Take
The crypto industry in Turkey is experiencing significant growth as over half of the adult population has invested in cryptocurrencies. This surge in adoption reflects Turkish nationals’ concerns about the Turkish lira and their desire for alternative investment options. The report also reveals a narrowing gender gap among crypto investors and highlights the dominance of younger generations in the crypto scene. With Bitcoin leading the way and the growing interest in NFTs and the Metaverse, the future looks promising for the crypto market in Turkey.
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