In a span of just 18 months, the percentage of Turkish adults investing in cryptocurrencies has witnessed a significant surge, soaring from 40% to an impressive 52%. This finding comes from the 15th report in the “Into The Cryptoverse: Understanding Crypto Users” series by KuCoin, a prominent player in the exchange space. The report casts light on the market landscape in Turkey and provides a glimpse into the preferences, trends, and behaviors of adult investors in the country.
Turkish Crypto Landscape In 18 Months
The surge in digital assets investments seems to be a response to the devaluation of the Turkish lira, which has plummeted by over 50% against the US dollar. In particular, the growth has been prominent among individuals aged 18 to 60, with a special emphasis on young women between 18 and 30 years old. Surprisingly, almost half of these young women, 47% to be precise, now hold cryptocurrencies in their portfolios.
The report, compiled by one of the top five exchanges globally, underscores the burgeoning crypto ecosystem in Turkey. The study reveals that the highest proportion of Turkish investors, at an impressive 71%, have invested in Bitcoin, followed by Ethereum (45%) and stablecoins (33%).
The data further divulges that the age group of 31 to 44 constitutes the largest demographic of crypto investors at 48%, closely trailed by the 18 to 30 age bracket at 37%. The study also reveals that over the past three months, around 31% of investors entered the market for the first time, underscoring the burgeoning influence of younger participants.
The survey results not only uncover the increasing embrace of digital currencies among Turkish adults but also divulge their motivations. Over half (58%) of the respondents view these investments as a long-term wealth generation strategy. Interestingly, these sentiments cut across generations, revealing the universal appeal of crypto as a financial tool.
The report also delves into the gender-based motivations, with older investors focusing on value preservation and diversification while younger generations are drawn to the ease of transactions and short-term gains.
As for specific digital currency preferences, Bitcoin continues to be the favored choice, capturing the attention of 71% of the total respondents. Ethereum trails behind at 45%, while stablecoins have piqued the interest of 33% of the participants.
Notably, the report highlights an emerging interest in NFTs, Metaverse concepts, and meme tokens, suggesting the country’s dynamic and evolving crypto landscape.
This comprehensive report presents valuable insights into Turkish investors’ motivations, preferences, and behaviors, showcasing the shifting tide towards digital assets as a means of financial empowerment and diversification.
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