Turkey Crypto Investors Rise by 12% as Inflation Continues to Plague the Country
Turkish adults are increasingly turning to cryptocurrency investments as the country continues to suffer from soaring inflation.
According to a recent survey conducted by major crypto exchange KuCoin, over half of the Turkish population is now participating in the crypto market.
This represents a 12% surge in the number of crypto investors in the country over the past 18 months, with figures rising from 40% in November 2021 to an impressive 52% by May 2023.
The findings show growing interest and acceptance of cryptocurrencies as a safeguard against inflation, particularly given the significant depreciation of the Turkish lira by over 50% against the US dollar.
The survey also revealed that the demographics of crypto investors among Turkish adults have diversified considerably over the past year and a half.
While men continue to dominate the market with a 57% share, women's participation rates, particularly among the younger generation, show a rising trend.
More specifcially, almost half (47%) of crypto investors aged 18 to 30 are female, suggesting a narrowing gender gap as crypto adoption becomes more widespread.
In contrast, female investors over the age of 45 account for only 37% of the total.
The younger generations are at the forefront of crypto investments in Turkey, with those aged 31 to 44 comprising the majority at 48%, closely followed by the 18 to 30 age group at 37%.
The survey disclosed that 31% of all crypto investors made their first investment within the past three months, while 54% of investors under the age of 30 entered the market just last year.
Conversely, 37% of investors over the age of 45 have been involved in crypto investments for over two years, indicating a steady and stable adoption process.
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