Turkey Sees Increased Crypto Adoption Amidst Inflation Concern: Report
There Has Been A Noticeable Increase In The Number Of Cryptocurrency Users In Turkey
Turkey has witnessed a notable surge in cryptocurrency adoption, with the number of crypto users in the country rising from 40 percent to 52 percent over the past year and a half.
The data, collected through responses from 500 participants, is part of KuCoin’s “Understanding Crypto Users” report, highlighting the growing interest in cryptocurrencies among the Turkish population.
According to the findings in Turkey and other previous reports, the rising number and percentage of cryptocurrency investors in Turkey point to a growing interest in and acceptance of crypto as a hedge against inflation, particularly in light of the Turkish lira’s over 50% loss in value against the US dollar.
Similar trends have been observed in countries like Brazil and Nigeria, where inflation has been a pressing concern.
The survey revealed that 58 percent of respondents invest in cryptocurrencies primarily to accumulate wealth over the long term, while 37 percent view it as a store of value. Bitcoin remains the most popular cryptocurrency, owned by 71 percent of investors, followed by Ethereum and other stablecoins.
Additionally, the research also emphasized the growing involvement of young women in Turkey’s cryptocurrency sector, with 47% of investors in that age group being female. According to the study, recommendations from friends and family were significant in persuading consumers to invest in cryptocurrencies.
The Turkish government has been exploring the development of a central bank digital currency (CBDC) called the Digital Lira, signaling the nation’s evolving stance on digital finance.