In the midst of the crypto market’s recent downturn, 2023 has witnessed a surge in crypto adoption and interest in specific regions across the globe. Notably, Turkey has emerged as one of the standout regions in terms of increased crypto adoption and enthusiasm.
With over half of its population now exposed to cryptocurrencies, Turkey stands at the forefront of nations embracing digital assets. Kucoin, one of the world’s prominent cryptocurrency exchanges, has highlighted Turkey’s growing affinity for cryptocurrencies as an alternative investment and wealth preservation method in their recent report titled “Understanding Crypto Users.”
The report reveals a remarkable 12% surge in crypto adoption over the past 18 months, propelling Turkey’s crypto-invested population from 40% to an impressive 52%. This trend is largely influenced by economic factors and a tech-savvy populace.
Turkey’s youthful and tech-savvy demographic has played a pivotal role in driving digital asset adoption, readily embracing new technologies. The survey also reveals an increasing participation of females, with 47% of crypto investors being women aged 18-30. While males still dominate at 57%, this shift indicates a rising trend of female involvement in investment activities.
Bitcoin (BTC) has emerged as the preferred choice among Turkish investors, with over 70% holding BTC. Ethereum (ETH) comes in second with 45% adoption, while stablecoins account for the remaining share. The report further highlights a growing interest in altcoins and decentralized finance (DeFi) projects.
The rapid depreciation of the Turkish Lira, which has plummeted by more than 50% against the US dollar, has further accelerated crypto adoption. Many Turks now view crypto assets as a more reliable store of wealth and a safe haven during these turbulent economic times.
Approximately 37% of respondents cited value storage as their primary reason for adopting cryptocurrencies, while 58% aimed to accumulate wealth over the long term. Turkey’s soaring inflation rate, reaching 59% according to Euronews.com, has solidified digital assets as a viable financial alternative.