KuCoin: 52% of adults in Turkey participate in crypto investment, with the highest Bitcoin holding rate
ChainCatcher news, KuCoin released the 15th issue of the series report "Deep Dive into the Crypto World: Understanding Turkish Crypto Users." The report reveals the crypto ecosystem in Turkey and provides in-depth insights into the trends, preferences, and behaviors of adult crypto investors in Turkey.
Here are the key insights from the report:
The proportion of adults in Turkey investing in cryptocurrencies increased from 40% in November 2021 to 52% in May 2023.
Despite a challenging market environment, the popularity and acceptance of cryptocurrencies are growing, partly due to the Turkish lira depreciating over 50% against the dollar.
Female participation is on the rise, with 47% of young women aged 18-30 holding cryptocurrencies.
31% of investors joined in the last 3 months, and 54% of investors under 30 joined last year.
The main motivations are for long-term wealth (58%), asset preservation (37%), and risk diversification (25%).
Bitcoin has the highest holding rate at 71%; Ethereum at 45%; stablecoins at 33%. NFTs and the metaverse concept are also popular among some investors.
The primary uses of cryptocurrencies are for trading (70%) and purchasing NFTs (22%). Some also use them for gifts (14%), person-to-person transfers (13%), and more.
57% of investors learned about cryptocurrencies through family and friends, with social media also playing a role.
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