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


The survey was conducted in May 2023 and found that found that 52% of Turkish adults aged 18 to 60 have invested in cryptocurrencies, a 12% increase from 40% in November 2021.

Cover art/illustration via CryptoSlate

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.

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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.

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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.

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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.

Posted In: Turkey, Adoption

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Author: Assad Jafri

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