Turkey sees increased crypto adoption amid troubling inflation: report
Turkey has recorded significant surges in crypto adoption over the past few years as citizens seek ways to fight escalating inflation. Exchange KuCoin’s recent report shows the nation’s crypto adoption rate has increased to 52% from 40% within the past two years.
The trend confirms surging crypto interest as Turkey battles heightened inflation that has seen the lira losing more than 50% against the United States dollar. According to Invezz.com news, the Turkish lira has declined continuously in 2023 amid intensified economic woes.
Turkey embraces crypto amid troubling inflation
The “Understanding Crypto Users” survey interviewed 500 participants. The findings reflect a significant change towards investment and crypto ownership in the nation. Various factors contribute to the increased interest in cryptocurrencies, including the search for alternatives amid skyrocketed inflation figures.
Among the surveyed individuals, 58% invest in digital assets to accumulate wealth in the long term. That shows many citizens in Turkey view crypto as a lucrative investment option for wealth preservation and growth as inflation deteriorates the economy.
Further, 37% of participants view cryptocurrency as a store of wealth, highlighting the declining value of Turkish lira.
The findings show Turks recognize and trust that established digital assets. While men are more likely to invest in crypto, the KuCoin report shows changes in this trend.
Survey shows young female joining the bandwagon, with 47% of market players between 18 and 30 years being women. That confirms the industry’s acceptance by the broader population, including women and genz.
Bitcoin remains the favorite asset
Bitcoin remained popular among Turkish players, with 71% of partakers reporting ownership. Ethereum followed at 45%. Also, stablecoins attracted 33% of market players, underscoring the demand for stable assets for preserving value, transferring, and trading digital products.
The report indicated increasing interest in Metaverse, meme assets, and non-fungible tokens at 19%, 18%, and 21%, respectively. Players in the 31 – 44 age bracket are more interested in meme coins, Metaverse, and NFTs. Meanwhile, DeFi assets and public chains enjoy 12% interest each.
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