Cryptocurrency exchange KuCoin has unveiled its 15th report in the “Understanding Crypto Users” series, focusing on Turkey. The report reveals a 12% uptick in the percentage of Turkish adults investing in cryptocurrencies over the past 18 months, despite challenging market conditions and a depreciating Turkish lira.
Key Findings
According to the report, the proportion of adults in Turkey between the ages of 18 and 60 who have invested in digital assets has climbed from 40% in November 2021 to 52% as of May 2023. This uptick occurs in the context of the Turkish lira depreciating by more than half against the U.S. dollar, indicating a growing perception of cryptocurrencies as an inflationary hedge within the nation.
Demographics and Investment Trends
Gender Gap Narrows: While men still constitute 57% of crypto investors, women, particularly among the younger generation, are catching up. Nearly half (47%) of crypto investors aged 18 to 30 are female.
Younger Generations Lead: Investors aged 31 to 44 make up the majority at 48%, followed by those aged 18 to 30 at 37%. A significant 31% of all crypto investors made their first investment in the last quarter.
Investment Motivations and Preferences
Investment Goals: 58% invest for future wealth, 37% for value storage, 25% for portfolio diversification, 34% for ease of transfers, and 17% for quick profit.
Popular Assets: Bitcoin remains the most popular investment target, capturing 71% of overall interest, followed by Ethereum and stablecoins, which gain 45% and 33% interest, respectively.
Trading and Community Influence
Trading Dominates: 70% of Turkish crypto investors are primarily involved in trading, while 22% are buying NFTs.
Community Impact: 57% of participants became familiar with crypto through family or friends, underscoring the role of personal connections in crypto adoption.
Johnny Lyu, CEO of KuCoin, stated, “We are excited to present this comprehensive report that sheds light on the dynamic crypto community in Turkey. We aim to contribute to a more informed crypto landscape and encourage responsible adoption.”
Methodology
The data in the report is based on an online survey conducted between May 5 and May 12, 2023, using the SurveyMonkey Audience tool.
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