As reported by Decrypt, Crypto adoption is surging in the country of Turkey, where inflation and a devalued lira have been a topic of much concern. According to a research survey conducted by KuCoin, over the last 18 months, crypto adoption has increased from 40 percent to 52 percent of the Turkish population.
KuCoin, currently the 5th largest crypto exchange in the world, gathered this information based on the survey responses of 500 participants, which they examined in their recent "Understanding Crypto Users" report.
"Per our findings in Turkey and other previous country reports, for Turkey, the growing number and percentage of crypto investors indicate 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," a KuCoin
representative told Decrypt.
The KuCoin representative highlighted similar previous KuCoin reports about Brazil and Nigeria, where inflation is an ongoing dilemma.
Per the survey, 58 percent of respondents said their "primary reason" for investing in cryptocurrency is to "accumulate wealth over the long term," while 37 percent look to use it as a store of value.
One of the cryptocurrencies people are choosing to invest in is Bitcoin, which 71 percent of investors say they own, while Ethereum and other stablecoins are held by 45 percent of investors.
Though there is a greater probability for men to invest in crypto, young women in Turkey are progressively investing. 47 percent of crypto investors between the ages 18 and 30 are female.
The report suggests that 57 percent of respondents chose to invest due to word-of-mouth
about the benefits of crypto from friends and family. The Turkish government has been experimenting with a central bank digital currency (CBDC) called the Digital Lira.
"We believe that having a deep and comprehensive understanding of the crypto community is crucial in molding a more encompassing and accountable financial ecosystem," the KuCoin representative said. "As the crypto environment keeps gathering pace,
understanding crypto users' actions,
inclinations, and driving forces across various regions becomes increasingly
essential."
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