Last Updated on September 4, 2023 by Bitfinsider

According to a KuCoin research poll, cryptocurrency use is increasing in Turkey, a country suffering from excessive inflation. Adoption has climbed from 40% to 52% of the Turkish population in the last year and a half.

KuCoin, the world’s fifth largest cryptocurrency exchange, gathered this information based on 500 survey results, which they analysed in their latest “Understanding Crypto Users” study.

“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, especially with the Turkish lira losing over 50% of its value against the US dollar,” a KuCoin representative told Decrypt.

The KuCoin spokesman cited prior KuCoin findings on Brazil and Nigeria, where inflation is also a major issue.

According to the study, 58% of respondents stated that their “primary reason” for investing in cryptocurrencies is to “accumulate wealth over the long term,” while 37% want to utilise it as a store of value.

Bitcoin leads the pack in terms of cryptocurrencies in which people are investing: Seventy-one percent of investors own Bitcoin, while 45 percent own Ethereum and other stablecoins.

Although men are still more inclined to invest in cryptocurrency, young women in Turkey are increasingly doing so. 47 percent of crypto investors aged 18 to 30 are female. According to the report, 57% of respondents decided to invest after hearing about its benefits from friends and family.