2023-09-04 08:04:00
According to a survey conducted in May 2023, 52% of Turkish adults between the ages of 18 and 60 have invested in cryptocurrencies, a 12% increase from 40% in November 2021. More than half of Turkey’s adult population has turned to cryptocurrencies to protect their wealth and savings from rapid inflation and currency depreciation, according to KuCoin’s latest report on the country’s crypto users. According to a survey conducted in May 2023, 52% of Turkish adults between the ages of 18 and 60 have invested in cryptocurrencies, a 12% increase from 40% in November 2021. This growth is particularly noticeable among young women, with 47% of crypto investors between the ages of 18 and 30 being women. During the same period, the Turkish lira depreciated by more than 50% once morest the US dollar – making cryptocurrencies a safe haven from inflation. More than a third of respondents said they use cryptocurrencies as a store of value. According to the survey, bitcoin is the most popular asset, attracting 71% of all crypto investors, followed by ethereum with 45% and stablecoins with 33%. There is also growing interest in NFTs, the metaverse and meme tokens, especially among investors between the ages of 31 and 44. The majority of respondents – 58% – said they invest in cryptocurrencies for long-term wealth creation, while 37% of Turkish crypto users said their goal is to preserve asset value. Meanwhile, 25% of respondents said they invest in cryptocurrencies to diversify their portfolios or reduce risk. A significant majority of Turkish crypto users – 70% – said they use cryptocurrencies for trading purposes. Meanwhile, 22% of respondents use cryptocurrencies to invest in non-fungible tokens (NFTs) and 19% for HODLing and staking. The survey also revealed that 14% of respondents use cryptocurrency to give gifts, which shows the growing acceptance of cryptocurrencies as a form of value transfer. Similarly, 13% of participants use cryptocurrency for peer-to-peer money transfers and cross-border transfers, as it is faster than traditional payment methods. Additionally, roughly 8% of respondents said they use crypto to donate to nonprofits.
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