A new survey from the crypto exchange KuCoin shows that more than half of all adults in the country of Turkey own digital assets.
KuCoin say that crypto investment in Turkey has increased from 40% to 52% in the past 18 months, with an increasing trend in female participation.
“While male investors still dominate at 57%, there is an increasing trend in female participation, especially among the younger generation. Almost half (47%) of crypto investors between the ages of 18 and 30 are female. This indicates a decrease in the gender gap as cryptocurrency adoption becomes more widespread, with female crypto investors over the age of 45 accounting for just 37% of the total.”
According to KuCoin’s research, 31% of new Turkish crypto investors have entered the market in the past quarter, while 36% of adults surveyed have invested more than 100,000 lira, which is worth about $3,745 at the time of writing.
About 37% of investors over the age of 45 have been investing in crypto for more than two years, which KuCoin says indicates that crypto has undergone a stable adoption process in Turkey.
The report says 58% were motivated by “future wealth,” 37% by “store of value,” 25% by “portfolio diversification,” 34% by “ease of transfers,” and 17% by “quick profit and excitement.”
Bitcoin (BTC) currently dominates investor attention in Turkey with 71% of survey respondents, followed by Ethereum (ETH) and stablecoins.
says KuCoin,
“Stablecoins reflect the demand for reliable digital assets to trade, transfer and hold value, attracting interest from 33% of investors.”
Over the past decade, the Turkish lira has lost virtually all of its value against the dollar and the country saw inflation reach as high as 85% by 2022.
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Featured image: Shutterstock/Rattanamanee Patpong