A recent report reveals that over 50% of Turkey’s population is investing in cryptocurrency, with a focus on long-term wealth building rather than seeking quick profits. The Turkish Lira’s depreciation against the US Dollar, losing over 50% of its value, has made crypto an attractive option to hedge against inflation.
KuCoin, a major cryptocurrency exchange, published a report highlighting the growing adoption and expansion of crypto in Turkey during Q2 2023. The report is based on a survey of 550 adult crypto investors aged 18 to 60 in Turkey, all of whom either own or have invested in crypto within the past six months.
The findings indicate that Turkish citizens are embracing a buy-and-hold investment strategy, with 58% aiming to grow wealth in the long run and 37% using crypto for value storage. Bitcoin leads as the most popular cryptocurrency of interest, with 71% of participants interested, followed by Ethereum at 45% and stablecoins at 33%.
The report also highlights that a significant number of Turkish individuals learn about crypto through friends, family, and local communities, with 57% hearing about it through these channels.
This report underscores the increasing interest in crypto among the Turkish population and their shift towards long-term investment strategies driven by economic factors such as inflation.
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