TechFlow news, KuCoin has released the 15th edition of its "Into the Crypto World: Understanding Turkish Crypto Users" series. This report unveils insights into Turkey's cryptocurrency ecosystem, shedding light on trends, preferences, and behaviors among adult crypto investors in the country.
Key findings from the report include:
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The proportion of Turkish adults investing in cryptocurrencies increased from 40% in November 2021 to 52% in May 2023.
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Despite unfavorable market conditions, cryptocurrency popularity and adoption continue to grow, partly due to the Turkish lira depreciating over 50% against the US dollar.
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Female participation is rising steadily, with 47% of young women aged 18–30 holding cryptocurrencies.
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31% of investors entered the market within the last three months, and 54% of investors under 30 joined within the past year.
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Main motivations include long-term wealth building (58%), asset preservation (37%), and risk diversification (25%).
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Bitcoin has the highest ownership rate at 71%, followed by Ethereum at 45%, and stablecoins at 33%. NFTs and metaverse-related assets are also gaining interest among some investors.
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The primary use cases are trading (70%) and purchasing NFTs (22%). Others use crypto for gifting (14%), peer-to-peer transfers (13%), among other purposes.
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57% of investors learned about cryptocurrencies through family and friends, while social media also plays a notable role.
