Why Do Half of the Turks Have Crypto

Every so often, you can find surprising facts or stats in crypto. One of these surprises is that over 50% of all Turks own crypto. With this statistic, they lead many other countries.

One would think that there must be a good reason for this. KuCoin made a report on this phenomenon. So, let’s dive in and see why 50% of all Turks own crypto.

Rising Adoption in Crypto

Within 18 months, crypto ownership in Turkey rose from 40% to 52%. That’s despite the current bearish market conditions. Part of the reason is inflation. The Turkish Lira lost 50+% of its value against the US dollar.  In other words, Turkish people use crypto as a hedge against inflation. 

One interesting aspect is that Turkish women have started to take part. Male investors are still leading this charge with 57% However, the age group from 18 to 30 shows 47% being female. The age group over 45 shows 35% of female investors. 

We can observe that the younger generation is most active in the Turkish crypto scene. The age group between 31 and 44 claims 48% of all age groups. Next in line is the age group between 18 and 31 with 37%.

Of all Turkish investors, 31% started investing within the last three months. There’s an influx of young investors. 54% were under 31 during the last year. On the other hand, the age group over 45 was already in crypto for two years or more. In general, crypto underwent widespread acceptance in Turkey. The picture below shows the Turkish crypto investors’ profiles.

KuCoin report
Motivations for Crypto Investments

The motivation for investing in crypto shows some interesting facts. For example,

  • 58% see crypto as a way into financial freedom. They want to create long-term wealth. 
  • 37% see this as a hedge against inflation. Or, in other words, ‘to preserve asset value’. 
  • 34% like it because of fast transactions and handy transfers.
  • 25% see it as risk reduction. Furthermore, portfolio diversification is a factor here. Particularly for investors over 45 years. 
  • Only 17% want to get a fast buck out of it, with short-term gains. The younger generation falls into this category.

Bitcoin is the most popular coin. 71% of all cryptocurrencies that Turks own is Bitcoin. It may come as no surprise that Ethereum ranks second here. It has a 45% interest from all Turkish crypto investors. With younger Turkish investors, it’s even at 52%. Stablecoins take up 33% of investors’ interest.

On a different note, NFTs and metaverses also attract interest in Turkey. NFTs charm 21% of Turkish investors, with metaverses close on their heels with 19%. Meme tokens are good for 18% of the market share. DeFi and public chains both attract 12% of crypto Turks. The picture below shows the crypto usage in Turkey.

KuCoin report
Understanding Turkish Crypto Users

Of Turkish investors, 70% like to trade crypto. We already saw the interest in NFTs, but there’s also a significant group that holds. 19% either hold or stake coins. Looking for ways to generate passive income. The older Turkish investors become, the more interest they have in staking or holding.

P2P is a popular option, with 23% using this feature. Cryptocurrencies also pay 9% of salaries. 8% finds its way as a donation to non-profit organizations. So, we see different age groups that use crypto in different ways.

Most Turkish people in cryptocurrencies got involved through friends and communities. No less than 57% got involved with crypto through friends and family. Communities are good for 35%. Influencers and social media are good for 27%.  

On the other hand, the Turkish government is busy with creating a CBDC, the Digital Lira. A CBDC is a central bank digital currency. This is part of their struggle or fight to tighten monetary policies. It’s their way to fight inflation. However, there are more reasons for Turkish investors to seek financial freedom in crypto. The picture below shows how Turkish investors got involved in digital assets.

KuCoin report

So, we see that Turkish crypto investors are looking for a hedge against inflation. As a result, adoption of crypto in Turkey is growing fast. Currently, 52% of Turkish adults invested in cryptocurrencies. There’s also a growing trend of women taking part in this. We take a closer look at the reasons why cryptocurrencies are popular in Turkey.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

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