Turkey Sees a Surge in Crypto Investors, KuCoin’s Report Shows
A recent report from KuCoin sheds light on the expanding crypto landscape in Turkey, revealing noteworthy trends in the country’s cryptocurrency market.
One prominent finding from the report is the remarkable growth in the number of crypto investors among Turkish adults. The data indicates that 52% of Turkish adults are now actively involved in the world of cryptocurrencies, with a noticeable uptick in participation among young women.
Over the past 18 months, there has been a substantial increase in cryptocurrency investors among Turkish adults, surging from 40% to 52%. While male investors still make up the majority at 57%, female participation is on the rise, especially among the younger demographic.
Notably, 47% of cryptocurrency investors aged 18 to 30 are women, indicating a narrowing gender gap in tandem with the growing adoption of cryptocurrencies. However, female cryptocurrency investors above the age of 45 comprise only 37% of the total.
The report also underscores the role of younger generations in propelling the growth of the crypto market. In the last quarter, 31% of investors entered the cryptocurrency space, with 36% investing over 100,000 Turkish lira. The data highlights that younger generations are leading the charge, with 48% of investors aged 31 to 44 and 37% aged 18 to 30.
Among the findings, it’s revealed that 31% of all cryptocurrency investors began their journey in the past three months. Additionally, 54% of investors under the age of 30 entered the market in the previous year, showcasing the significant influence of the younger generation. Meanwhile, 37% of investors over 45 have been engaged with cryptocurrencies for more than two years, indicating a steady spread of crypto adoption across various age groups.
The report shows that 33% of investors under 30 have invested more than 100,000 Turkish lira, underlining the strong interest of the younger generation and the broad acceptance of cryptocurrencies in the country.
The report delves into the motivations behind cryptocurrency investments as well, with 58% of investors looking to build future wealth, 37% viewing cryptocurrencies as a store of value, 25% diversifying their portfolios, 34% appreciating the convenience they offer, and 17% seeking quick profits and the excitement generated by cryptocurrencies.
In terms of preferred cryptocurrencies, Bitcoin reigns supreme with 71% of investors showing interest, followed by Ethereum and stablecoins, which capture the attention of 45% of investors and a noteworthy 52% among younger investors. The growing demand for reliable digital assets for exchange, transfer, and value preservation is reflected in the popularity of stablecoins, drawing the interest of 33% of investors.
The report also reveals that 70% of Turks primarily use cryptocurrencies for trading, while 22% use them to purchase NFTs, reflecting an increasing interest in new forms of digital assets.
Lastly, the role of friends and communities in cryptocurrency adoption is significant, with 57% of participants becoming acquainted with cryptocurrencies through friends or relatives. This underscores the influence of personal relationships in introducing individuals to the world of cryptocurrencies.