A recent report reveals that people in Turkey are quickly embracing crypto, with most aiming to build wealth in the long term rather than seeking fast profits.
“In the meantime, Turkish Lira has depreciated over 50% against US Dollar, making crypto a haven from inflation,” the statement noted.
Turkey Has Long-Term Plans For Crypto
KuCoin, a major cryptocurrency exchange, has recently published a report outlining the state of crypto activity and expansion in Turkey.
The report highlights that Q2 2023 witnessed significant adoption, with an average investment of around $3,746 USD. “31% of Crypto Investors Joined in Recent Quarter and 36% Invest Over 100K Lira,” the report stated.
The report is based on a survey of 550 adult crypto investors aged 18 to 60 in Turkey. All participants either own or have invested in crypto within the past six months.
The results indicate that Turkish citizens are looking in the long run, not so much for quick profits. “58% Invest in Crypto To Grow Wealth In The Long Run, Followed by 37% For Value Storage,” it added.
In terms of crypto of interest, Bitcoin takes the top spot at 71%, followed by Ethereum at 45% and Stablecoins at 33%.
According to the report, over half of the survey participants (57%) heard about cryptocurrency from friends or family, and 35% discovered it through their local communities. Meanwhile, it cites the Turkish Lira losing over 50% of its value against the US Dollar, as a contributing factor, making crypto a haven from inflation.
This is a developing story and more information will be added as it becomes available.
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Source: https://beincrypto.com/turkey-crypto-adoption-bitcoin-dominates/