Turkish adults are increasingly turning to cryptocurrency investments as the country continues to suffer from soaring inflation.
According to a recent survey conducted by major crypto exchange KuCoin, over half of the Turkish population is now participating in the crypto market.
This represents a 12% surge in the number of crypto investors in the country over the past 18 months, with figures rising from 40% in November 2021 to an impressive 52% by May 2023.
The findings show growing interest and acceptance of cryptocurrencies as a safeguard against inflation, particularly given the significant depreciation of the Turkish lira by over 50% against the US dollar.
The survey also revealed that the demographics of crypto investors among Turkish adults have diversified considerably over the past year and a half.
While men continue to dominate the market with a 57% share, women’s participation rates, particularly among the younger generation, show a rising trend.
More specifcially, almost half (47%) of crypto investors aged 18 to 30 are female, suggesting a narrowing gender gap as crypto adoption becomes more widespread.
In contrast, female investors over the age of 45 account for only 37% of the total.
The younger generations are at the forefront of crypto investments in Turkey, with those aged 31 to 44 comprising the majority at 48%, closely followed by the 18 to 30 age group at 37%.
31% of Turkish Crypto Investors Made Their First Purchase in Past 3 Months
The survey disclosed that 31% of all crypto investors made their first investment within the past three months, while 54% of investors under the age of 30 entered the market just last year.
Conversely, 37% of investors over the age of 45 have been involved in crypto investments for over two years, indicating a steady and stable adoption process.
The survey further revealed that 33% of investors under the age of 30 have invested more than 100,000 Turkish lira (TL) into cryptocurrencies.
The findings also provide valuable insights into the motivations and preferences of adult crypto investors in Turkey.
A substantial 58% of participants cite the creation of long-term wealth as their primary goal for investing in cryptocurrencies, a sentiment that transcends all generations.
However, motivations do vary across different age groups.
Older investors prioritize value preservation and portfolio diversification, while younger generations value the ease of transactions and short-term gains.
37% of respondents stated that preserving asset value is their main objective, whereas 25% emphasized the benefits of reducing investment risks and diversifying portfolios.
These factors were particularly prominent among investors over the age of 45.
On the other hand, 34% of crypto holders prioritize practical transfers and quick transactions, reflecting the importance of efficiency and speed.
Meanwhile, 17% of investors highlighted the appeal of short-term gains and the experimental nature of the crypto market, a trend more prevalent among the younger generations.
As for the specific cryptocurrencies that Turkish adult investors are drawn to, Bitcoin (BTC) emerges as the frontrunner, capturing the interest of 71% of all crypto investors.
Ethereum (ETH) follows closely behind with 45% overall interest and 52% among young investors.
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