Janine Subgang is a well-known Web3 community leader, with an impressive track record in the industry. At 24 she was the Executive Director of a Dutch VC fund, before she…
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More Than Half Of Turkey Has Turned To Crypto Amid Rapid 50% Currency Devaluation

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.

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