[Half of Türkiye now owns cryptocurrency]
KuCoin’s survey noted that cryptocurrency adoption in Turkey, which is plagued by high inflation, has climbed to 52% from 40% in the past year and a half.
The report, based on a survey of 500 people, was published in KuCoin’s “Understanding Cryptocurrency Users.” The firm said cryptocurrencies are increasingly viewed as a hedge against inflation as the Turkish lira loses more than 50% of its value against the U.S. dollar.
Inflation issues also plague Brazil and Nigeria, KuCoin noted. According to the survey, 58% of respondents view cryptocurrencies as a way to “build wealth over the long term” and 37% view them as a store of value. 71% hold Bitcoin and 45% own Ethereum and other stablecoins.
Cryptocurrency investments are also on the rise among young Turkish women. Among investors aged 18 to 30, 47% are women. Additionally, 57% invested because of recommendations from friends and family.
The Turkish government is experimenting with a central bank digital currency (CBDC) called "Digital Lira."
The representative of KuCoin emphasized: "In-depth understanding of the crypto community is crucial to building a comprehensive and responsible financial ecosystem. With the rapid changes in the crypto market, it is particularly critical to understand the needs and trends of crypto users in various regions."
