KuCoin, one of the top 5 crypto exchanges in the world according to CoinMarketCap, has released the 15th report in its “Understanding Crypto Users” series of Turkey.” This report sheds light on the crypto ecosystem in Turkey and provides insights into the trends, preferences, and behaviors of adult crypto investors in Turkey. The survey reveals a significant increase in crypto investors among Turkish adults, with more than half of the population participating in crypto investments. The percentage of crypto investors among the Turkish population aged 18 to 60 has increased by 12% in the last 18 months, rising from 40% in November 2021 to 52% in May 2023, despite the market condition. This indicates an increasing interest and acceptance of crypto as a hedge against inflation, especially with the Turkish lira losing over 50% of its value against the US dollar. The report provides valuable insights for crypto enthusiasts, investors, and businesses considering expanding into the Turkish market.
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The following are key data points excerpted from the report:
- Significant Increase in Crypto Investors Among Turkish Adults: 52% are Crypto Investors, with Growing Participation from Young WomenAccording to the survey, Crypto investors among Turkish adults has significantly increased in the last 18 months, rising from 40% to 52%. While male investors still dominate at a rate of 57%, there is a rising trend of women’s participation, particularly among the younger generation. Almost half (47%) of crypto investors aged between 18 and 30 are female. This indicates a decrease in the gender gap as crypto adoption becomes more widespread, with female crypto investors over the age of 45 accounting for only 37% of the total.
- Young Generations Triggering Crypto Growth: 31% of Investors Joined in the Last Quarter and 36% Investing Above 100,000 LirasYounger generations are prominent among crypto investors, with investors between the ages of 31 and 44 making up the majority at 48%, followed by investors between the ages of 18 and 30 at 37%.
According to the survey, 31% of overall crypto investors made their first crypto investment in the last three months, with 54% of investors under the age of 30 joining the market last year, indicating the influence of young people. Additionally, 37% of investors over the age of 45 have been investing in crypto for more than two years, indicating that crypto has undergone a stable adoption process.
The results show that 33% of investors under the age of 30 have invested over 100,000 TL. The high interest of the younger generation and the participation of other age groups indicate that crypto is increasingly accepted in the country.
- Crypto Investment Motivations: 58% for Future Wealth, 37% for Value Storage, 25% for Portfolio Diversification, 34% for Ease of Transfers, and 17% for Quick Profit and Excitement
- Interested Crypto Investment Targets: Bitcoin Dominates at 71%, Followed by Ethereum and Stablecoins which gains 45% of overall interest and 52% among young investors. Stablecoins reflect a demand for reliable digital assets for trading, transferring, and preserving value, attracting interest from 33% of investors.
- Crypto Trading Dominates in Turkey: 70% of Turks Use Crypto for Trading and 22% for Buying NFTs
- The Power of Personal Connections: Friends and Communities Support Crypto Adoption, 57% of participants became familiar with crypto through their family or friends, highlighting the importance of such relationships.
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Johnny Lyu, the CEO of KuCoin, commented on the report, stating, “We are excited to present this comprehensive report that sheds light on the dynamic crypto community in Turkey. Through ‘Into the Cryptoverse: Understanding Crypto Users in Turkey,’ we aim to contribute to a more informed crypto landscape and encourage the responsible adoption and use of cryptocurrencies. We hope this report triggers meaningful discussions and contributes to the collective knowledge of the global crypto community.”
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