According to KuCoin’s report, Turkey’s crypto adoption is high in other countries affected by quick inflation.
KuCoin’s research survey shows that crypto adoption is increasing in Turkey, a nation in the agony of rising inflation. Over the past year and a half, adoption has increased from 40% to 52% of the nation’s population.
Crypto Adoption in Turkey Increases as Country Battles Rising Inflation
KuCoin, the fifth biggest crypto exchange globally, gathered this information using survey responses from 500 persons. These responses were analyzed in a report titled ‘Understanding Crypto Users.’
A KuCoin representative disclosed their findings concerning Turkey, which mirrors past results of the population leaning towards crypto.
The nation’s rising percentage and number of crypto investors show a rising crypto interest as investors seek caution to the increasing inflation. Such is inevitable as the Turkish lira recorded a loss of more than 50% of its value against the United States dollar.
Further, KuCoin’s spokesperson highlighted similar earlier reports concerning Nigeria and Brazil, where inflation is also a significant issue. In the survey, 58% of participants claimed that ‘wealth accumulation in the long term’ was the ‘major reason’ behind investing in crypto. Further, 37% revealed their intention to utilize it as a store of value.
Bitcoin Ownership in Turkey Increases as Ethereum Ranks Second
Concerning the cryptocurrencies individuals invest in, Bitcoin takes the lead, with 71% of investors claiming they own Bitcoin, while 45% own Ethereum and other stablecoins. Despite men being more likely to invest in cryptocurrency, young Turkish women also invest.
The recent findings show that 47% of investors between 18 and 30 are women. Further, the report reveals that 57% of respondents opted to invest because of talks from friends and family concerning its benefits.
The Turkish government has been experimenting with Digital Lira, a central bank digital currency (CBDC). The KuCoin spokesperson expressed confidence that having a profound and complete understanding of the crypto community is vital in developing a financial ecosystem that is more inclusive and accountable. With the crypto environment acquiring momentum, it becomes crucial to understand crypto users’ feelings, actions, and driving forces across different regions.
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