Last Updated on September 3, 2023 by Bitfinsider

According to a KuCoin research poll, cryptocurrency use is rising in Turkey, a nation suffering from severe inflation. The percentage of Turkish people who are adopted has risen from 40% to 52% in the past 18 months.

This information was gathered by KuCoin, the fifth-largest cryptocurrency exchange in the world, from 500 survey respondents, which they examined for their most recent “Understanding Crypto Users” study.

As the Turkish lira has lost more than half of its value compared to the US dollar, a KuCoin representative told Decrypt, “per our findings in Turkey and other previous country reports, for Turkey, the growing number and percentage of crypto investors indicate an increasing interest and acceptance of crypto as a hedge against inflation.”

The KuCoin spokesman cited related earlier KuCoin reports regarding Brazil and Nigeria, two countries with severe inflation issues.

In the study, 58% of participants stated that their “primary reason” for investing in cryptocurrencies is to “accumulate wealth over the long term,” with 37% citing value preservation as their main motivation.

In terms of cryptocurrencies that individuals are investing in, Bitcoin is the most popular choice: Of the investors, 71% claimed to hold Bitcoin, while 45% stated they owned Ethereum and other stablecoins.

Turkey’s youth female investor population is growing, despite the fact that men are still more inclined to invest in cryptocurrency. Women make up 47% of cryptocurrency investors in the 18–30 age range. According to the survey, 57% of participants made their investment decision as a result of hearing from friends and family about its advantages.

The Digital Lira is a central bank digital currency (CBDC) that the Turkish government has been experimenting with.

The KuCoin spokesman stated: “We believe that having a deep and comprehensive understanding of the crypto community is crucial in molding a more encompassing and accountable financial ecosystem. As the crypto environment keeps gathering pace, understanding crypto users’ actions, inclinations, and driving forces across various regions becomes increasingly essential.”