In response to rapid inflation and the devaluation of the Turkish Lira, over half of Turkey’s adult population is seeking financial refuge in cryptocurrencies.
According to a survey conducted in May 2023 by KuCoin, 52% of Turkish adults between 18 and 60 years old have invested in the digital currency market.
This represents a 12% increase from November 2021.
Young women are particularly attracted to this new investment avenue, with 47% of female crypto investors falling within the 18-30 age bracket.
Cryptocurrencies have become a shelter from the storm of a depreciating Lira, which lost over 50% of its value against the U.S. Dollar during the same period.
Over a third of survey respondents stated that they use cryptocurrencies to protect the value of their assets.
Bitcoin is the most popular choice, drawing in 71% of crypto investors.
Ethereum and stablecoins follow, attracting 45% and 33% of investors respectively (of course, many people hold multiple crypto assets, hence the totals don’t add up to 100%).
The motivations behind these investments vary, with 58% of respondents aiming to build long-term wealth through cryptocurrencies.
Meanwhile, 37% use crypto as a shield to preserve their asset value, and 25% see it as a way to diversify their portfolios or reduce risk.
The survey showed that 22% of users invest in Non-Fungible Tokens (NFTs), 19% participate in HODLing (long-term holding) and staking their crypto on proof-of-stake blockchains, 14% use crypto for gifting, and 13% for peer-to-peer or cross-border money transfers.
Additionally, 8% utilize crypto to donate to non-profit organizations. These statistics highlight the versatile applications of cryptocurrencies and their growing acceptance in daily life.