Crypto Trends in Turkey: A Growing Interest in Digital Assets
KuCoin’s recent report on crypto trends in Turkey reveals that a significant number of locals have embraced digital assets as a hedge against inflation. Here are the key points:
- 52% of Turks aged 18 to 60 have invested in bitcoin or alternative coins, up from 40% in November 2021.
- 47% of crypto investors aged 18 to 30 are women, indicating a decrease in the gender gap.
- Youth are the most active in the crypto space, with investors aged 31 to 44 constituting the majority at 48%, followed by the 18-30 age group at 37%.
- Approximately one-third of all crypto participants joined in the past three months, reflecting a desire to preserve wealth amidst financial turbulence.
- Restrictions on purchasing foreign currency and gold with the Turkish lira have also contributed to the shift towards digital currencies.
So Close to Having a Pro-Crypto President
The recent presidential elections in Turkey could have implications for the local cryptocurrency sector. Here’s what you need to know:
- Recep Erdogan, the incumbent president, has expressed hostility towards digital assets and stated that the government has no intention of embracing them.
- Kemal Kilicdaroglu, Erdogan’s opponent, has pledged to support the advancement of Web3 platforms and criticized the central bank’s ban on crypto as a means of payment.
- Despite Kilicdaroglu’s popularity in major cities, Erdogan emerged victorious in the elections, leaving uncertainty about his stance on the cryptocurrency industry.
Hot Take: The growing interest in cryptocurrencies among Turks reflects their search for alternative financial tools amidst economic challenges. The presidential elections have added a layer of uncertainty to the future of the crypto sector in Turkey.
By
By
By
By