According to KuCoin’s latest report on cryptocurrency users in the country, more than half of Turkey’s adult population has turned to cryptocurrencies to protect their wealth and savings from rapid inflation and currency debasement.
Conducted in May 2023, the survey found that 52 percent of Turkish adults aged 18 to 60 had invested in cryptocurrencies, up 12 percent from 40 percent in November 2021. This growth is particularly notable among younger women, who account for 47% of investors between the ages of 18 and 30 investing in cryptocurrencies.
During the same period, the Turkish lira has lost more than 50% of its value against the dollar, making cryptocurrencies a safe haven against inflation. More than a third of respondents said they use cryptocurrencies as a store of value.
BTC, ETH and Stablecoins
Bitcoin was the most popular investment, attracting 71 percent of cryptocurrency investors, followed by ethereum (45 percent) and stablecoins (33 percent), according to the survey. There is also growing interest in NFTs, Metaverse and meme tokens, especially among investors aged 31 to 44.
The majority of respondents (58%) said their purpose of investing in cryptocurrencies was to create long-term wealth, while 37% of Turkish crypto users said their goal was to maintain asset value.
Meanwhile, 25 percent of respondents said they invest in cryptocurrencies to diversify their portfolio or reduce risk.
Example
The vast majority of Turkish cryptocurrency users (70%) say they use cryptocurrencies for transactions, indicating a strong interest in using cryptocurrencies as investment vehicles.
Meanwhile, 22 percent of respondents use cryptocurrencies to invest in non-fungible tokens (NFTs), and 19 percent participate in HODLing and staking — actively participating in transaction validation on proof-of-stake blockchains.
The survey also found that 14 percent of respondents used cryptocurrencies as gifts, indicating a growing acceptance of cryptocurrencies as a form of value transfer. Likewise, 13% of participants use cryptocurrencies for peer-to-peer and cross-border money transfers because it is faster than traditional payment methods.
Additionally, around 8% of respondents said they used cryptocurrencies to donate to non-profit organizations, demonstrating the rise of cryptocurrencies for charitable purposes and their potential to positively impact the world.
Together, these data demonstrate the diverse adoption of cryptocurrencies across age groups, revealing aspects of their growing acceptance and integration into everyday life.
