News from Turkey: KuCoin‘s crypto use report shows a 12% increase in the number of Turkish investors over the past 18 months, let’s see all the details below.
Summary
KuCoin report reveals rise in crypto investors in Turkey
KuCoin’s recent report presents valuable insights for crypto enthusiasts as it highlights investors and companies that are exploring opportunities in the Turkish cryptocurrency market.Â
Specifically, some strong data emerges from the report. First, the significant growth of crypto investors among Turkish adults: 52% of Turkish adults are now involved in the crypto world, with participation in the growth among young women.
The survey reveals a significant increase in the number of cryptocurrency investors among Turkish adults over the past 18 months, rising from 40% to 52%. Although male investors maintain a 57% predominance, female participation is also observed, especially among the younger generation.
Nearly half (47%) of cryptocurrency investors between the ages of 18 and 30 are women, indicating a narrowing gender gap amid growing cryptocurrency adoption.Â
However, female cryptocurrency investors over the age of 45 account for only 37% of the total.
Younger generations drive crypto expansion
Next we see that younger generations are driving crypto growth: 31% of investors joined the cryptocurrency world in the last quarter, with 36% investing over 100,000 Turkish lira.
Younger generations stand out among cryptocurrency investors, with 48% of investors aged 31-44, followed by 37% of investors aged 18-30.
According to the survey, 31% of total cryptocurrency investors started investing in the past three months, while 54% of investors under the age of 30 entered the market last year, highlighting the influence of the younger generation.
In addition, 37% of investors over the age of 45 have been involved in cryptocurrencies for more than two years, indicating a stable spread of cryptocurrencies.
The results show that 33% of investors under the age of 30 have invested more than 100,000 Turkish lira. The significant interest of the younger generation and the participation of different age groups testify to the wide acceptance of cryptocurrencies in the country.
In addition, there are the motivations for investing in cryptocurrencies: 58% of investors are interested in cryptocurrencies to build future wealth, 37% see them as a means of storing value, 25% use them to diversify their portfolios, 34% appreciate the ease of the money they offer, and 17% are interested in the quick profit and excitement that cryptocurrencies can generate.
Bitcoin and Ethereum at the top of crypto choices
Next, investment objectives in crypto: Bitcoin is the predominant choice, with 71% of investors interested, followed by Ethereum and stablecoins, which attract 45% of total interest and as much as 52% among young investors.Â
Stablecoins reflect the growing demand for reliable digital assets for exchange, transfer and value preservation purposes, capturing the attention of 33% of investors.
We also see that 70% of Turks use cryptocurrencies primarily for trading, while 22% use them to purchase NFTs, reflecting a growing interest in new forms of digital assets.
Finally, friends and communities play a significant role in cryptocurrency adoption, with 57% of participants becoming familiar with cryptocurrencies through friends or relatives. This highlights the importance of personal relationships in introducing people to the world of cryptocurrencies.
Johnny Lyu, CEO of KuCoin, commented on the report stating the following:
“We are excited to present this comprehensive report which sheds light on the dynamics of the crypto community in Turkey. Through “Into the Cryptoverse: Understanding Crypto Users in Turkey”, we aim to contribute to a more informed crypto landscape and encourage the responsible adoption and use of cryptocurrencies.
We hope this report will spark meaningful discussions and contribute to the collective understanding of the global crypto community.”
