More than half of Turkey has turned to crypto amid rapid currency devaluation – KuCoin report

More than half of Turkey’s adult population has turned to cryptocurrencies in a bid to protect their wealth and savings from rapid inflation and currency devaluation, according to KuCoin’s latest report on crypto users in the country.

The survey was conducted in May 2023 and found that 52% of Turkish adults aged 18 to 60 have invested in cryptocurrencies, a 12% increase from 40% in November 2021. This growth is particularly notable among young women, with 47% of female crypto investors aged between 18 and 30.

During the same period, the Turkish Lira depreciated over 50% against the U.S. Dollar — making cryptocurrency a haven from inflation. More than a third of the respondents said they use cryptocurrencies to preserve asset value.

BTC, ETH and stablecoins

According to the survey, Bitcoin is the most popular investment, attracting 71% of overall crypto investors, followed by Ethereum at 45% and stablecoins at 33%. There is also a growing interest in NFTs, Metaverse, and meme tokens, particularly among investors aged 31 to 44.

A majority of the respondents — 58% — said they invest in cryptocurrencies with the aim of creating long-term wealth, while 37% of Turkish crypto users said their goal was to preserve asset value.

Meanwhile, 25% of the respondents said they invest in crypto to diversify their portfolios or to reduce risk.

Use cases

A significant majority of Turkisk crypto users — 70% — said they utilize cryptocurrency for trading purposes, indicating a substantial interest in using crypto as an investment tool.

Meanwhile, 22% of the respondents use cryptocurrencies to invest in Non-Fungible Tokens (NFTs), and 19% are involved in HODLing and staking — to participate in transaction validation on a proof-of-stake blockchain actively.

The survey also found that 14% of the respondents use cryptocurrency for gifting, showing the increasing acceptance of crypto as a form of value transfer. Similarly, 13% of participants use crypto for peer-to-peer money transfers and cross-border remittances as its faster than traditional payment methods.

Additionally, roughly 8% of the respondents said they used crypto to send donations to non-profit organizations, demonstrating a rise in the use of crypto for philanthropic purposes and its potential to make a positive impact in the world.

This data collectively showcases the diverse applications of cryptocurrency across different age groups, revealing its growing acceptance and integration into various aspects of daily life.

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