Turkey Sees Surge in Crypto Adoption Amid Inflation Crisis

• Females make up about half of the 18-to-30-year-old crypto investment population. 
• 71% of investors reported holding Bitcoin while Ethereum came in second.

According to a report by crypto exchange KuCoin, cryptocurrency usage is on the increase in Turkey, a nation experiencing significant inflation. Adoption rates in Turkey have risen rapidly over the last year and a half, from 40% to 52% of the population. This information was compiled by KuCoin, and is included in their newest “Understanding Crypto Users” study.

A KuCoin representative stated:

 “Per our findings in Turkey and other previous country reports, for Turkey, the increasing number and percentage of crypto investors indicate an increasing interest and acceptance of crypto as a hedge against inflation.” 

Long Term Investment

Inflation is a major concern in both Brazil and Nigeria, as the KuCoin representative mentioned. It was found that 58% of respondents’ “primary reason” for making investments in cryptocurrencies is to “accumulate wealth over the long term,” while 37% want to utilize it as a store of value.

Due to the country’s economic difficulties, such as a weakening lira and excessive inflation, cryptocurrency investing and asset preservation strategies have become more appealing. When it comes to cryptocurrency investments, Bitcoin is far away the most popular option. 71% of investors reported holding Bitcoin, while 46% reported holding Ethereum or similar stablecoin.

While males are still more inclined to put money into cryptocurrency, young women in Turkey are becoming more active investors. Females make up about half of the 18-to-30-year-old crypto investment population. According to the survey, 57% of those who invested did so because of recommendations from others.

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