According to a study conducted in May 2023, 52% of adults aged between 18-60 in Turkey have invested in cryptocurrencies. This rate shows a 12% increase from 40% in November 2021.
A new research report indicates that more than half of the adult population in Turkey is turning to cryptocurrencies to protect themselves from rapidly rising inflation and loss of money value.
This increase is particularly noticeable among young women. 47% of female cryptocurrency investors aged 18-30 use cryptocurrencies.
During the same period, the Turkish Lira lost more than 50% of its value against the American Dollar. Therefore, for many people, cryptocurrencies have become a tool to hedge against inflation. One third of the survey participants stated they use cryptocurrencies to preserve their asset value.
Bitcoin, Ethereum and Stablecoins Stand Out
According to the survey, Bitcoin (BTC) is the most popular investment tool, preferred by 71% of all cryptocurrency investors. It is followed by Ethereum (ETH) at 45% and stablecoins at 33%. Among investors aged 31-44, there’s a growing interest in NFTs, the Metaverse, and meme tokens.
58% of the survey participants stated they invest in cryptocurrencies with the aim of long-term wealth creation. 37% of cryptocurrency users in Turkey indicated they invested to preserve their asset value.
On the other hand, 25% of the survey participants said they invested in cryptocurrency to diversify their portfolios or reduce risk.
Preferences of Turkish Investors
A large majority, 70%, of Turkish cryptocurrency users indicate they use cryptocurrencies for trading purposes.
22% of survey participants invest in NFTs, while 19% actively participate in transaction validation through HODLing and staking.
14% of those surveyed use cryptocurrencies as gifts. Similarly, 13% of participants use cryptocurrencies to transfer money to friends and for international remittances.
Approximately 8% donate cryptocurrencies to non-profit organizations.
These data showcase how cryptocurrencies are being accepted among different age groups and how they’re integrated into various aspects of daily life.
