Rising Crypto Adoption in Turkey Amid Inflation Concerns: New Report

Turkey has been experiencing a noteworthy surge in the adoption of cryptocurrencies, as the number of crypto enthusiasts in the country has grown from 40 percent to 52 percent in the past 18 months.

This data, drawn from a survey of 500 participants, forms a part of KuCoin’s “Understanding Crypto Users” report, shedding light on the increasing fascination with cryptocurrencies within the Turkish population.

The findings in Turkey, as well as previous reports, suggest that the increasing number and proportion of cryptocurrency investors in the country reflect a growing interest in and acceptance of cryptocurrencies as a hedge against inflation. This is particularly evident in the context of the Turkish lira’s staggering 50% devaluation against the US dollar.

Comparable trends have emerged in nations like Brazil and Nigeria, where inflation has been a pressing concern.

The survey also unveiled that 58 percent of respondents primarily invest in cryptocurrencies as a means to accumulate wealth over the long term, while 37 percent perceive them as a store of value. Among cryptocurrencies, Bitcoin maintains its position as the most favored, with 71 percent of investors holding it, followed by Ethereum and other stablecoins.

Furthermore, the research underscores the increasing participation of young women in Turkey’s cryptocurrency sector, with 47 percent of investors in this age group being female. The study highlighted the influential role of recommendations from friends and family in encouraging individuals to venture into cryptocurrency investments.

Turkey’s government has been actively exploring the development of a central bank digital currency (CBDC) known as the Digital Lira, signaling the country’s evolving stance on digital finance.

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