Turkish Adults Increasingly Turning to Cryptocurrency Investments
A recent survey conducted by major crypto exchange KuCoin reveals that over half of the Turkish population is now participating in the crypto market. This represents a 12% surge in the number of crypto investors in the country over the past 18 months, with figures rising from 40% in November 2021 to an impressive 52% by May 2023. The findings highlight the growing interest and acceptance of cryptocurrencies as a safeguard against inflation, particularly in the face of the significant depreciation of the Turkish lira against the US dollar.
Diversified Demographics and Narrowing Gender Gap
- Men continue to dominate the market with a 57% share, but women’s participation rates, particularly among the younger generation, show a rising trend.
- Almost half (47%) of crypto investors aged 18 to 30 are female, suggesting a narrowing gender gap as crypto adoption becomes more widespread.
- Female investors over the age of 45 account for only 37% of the total.
Youth at the Forefront of Crypto Investments in Turkey
- Youth aged 31 to 44 comprise the majority of crypto investors at 48%, closely followed by the 18 to 30 age group at 37%.
- 31% of all crypto investors made their first investment within the past three months, while 54% of investors under the age of 30 entered the market just last year.
- 37% of investors over the age of 45 have been involved in crypto investments for over two years, indicating a steady and stable adoption process.
Motivations and Preferences of Turkish Crypto Investors
- 58% of participants cite the creation of long-term wealth as their primary goal for investing in cryptocurrencies, a sentiment that transcends all generations.
- Older investors prioritize value preservation and portfolio diversification, while younger generations value the ease of transactions and short-term gains.
- 37% of respondents stated that preserving asset value is their main objective, whereas 25% emphasized the benefits of reducing investment risks and diversifying portfolios.
- 34% of crypto holders prioritize practical transfers and quick transactions, reflecting the importance of efficiency and speed.
- 17% of investors highlighted the appeal of short-term gains and the experimental nature of the crypto market, a trend more prevalent among the younger generations.
Bitcoin and Ethereum Dominate the Turkish Crypto Market
Bitcoin emerges as the frontrunner, capturing the interest of 71% of all crypto investors. Ethereum follows closely behind with 45% overall interest and 52% among young investors.
Hot Take
The survey results demonstrate the increasing popularity and acceptance of cryptocurrencies among Turkish adults, particularly as a means to combat inflation. The diversification of demographics and the narrowing gender gap indicate a growing interest in crypto investments among different age groups and genders. The preferences and motivations of Turkish crypto investors vary, with a focus on long-term wealth creation, asset preservation, and ease of transactions. Bitcoin and Ethereum remain the top choices for Turkish investors. This trend is likely to continue as more people recognize the potential benefits and opportunities offered by cryptocurrencies.
By
By
By
By