- Crypto adoption surges in Turkey as the lira depreciates by over 50% against the USD.
- KuCoin reports that 52% of people aged 18-60 in Turkey are now invested in cryptocurrencies, up from 40% 18 months ago.
- Particularly noteworthy is the 47% of young women aged 18-30 who hold cryptocurrencies.
- Bitcoin leads with a 71% holding rate, followed by ETH at 45% and stablecoins at 33%.
A recent report by KuCoin, a leading cryptocurrency exchange, has highlighted a substantial increase in cryptocurrency adoption in Turkey, especially among young women. This comes as the Turkish lira has depreciated by more than 50% against the US dollar over the past 18 months.
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KuCoin’s study shows that the share of crypto investors among people aged 18-60 has increased from 40% to 52%. Of particular interest is the rise among young women aged 18-30, 47% of whom now hold cryptocurrencies.
The data suggests that the economic instability in Turkey, marked by the falling value of the lira, is pushing people towards alternative assets like cryptocurrencies. Bitcoin appears to be the preferred choice, with a 71% holding rate. Ethereum follows at 45%, and stablecoins, often seen as a safer bet in volatile markets, are held by 33%.
The trend is noteworthy not just for the sheer numbers but also for what it signifies: a shift in financial behavior in Turkey. With traditional financial instruments losing their attractiveness due to high inflation and devaluation, citizens seem to be taking matters into their own hands by investing in cryptocurrencies.
While the Turkish government has expressed concerns about the growing popularity of cryptocurrencies, it has yet to take stringent actions to regulate the space. Whether this uptick in crypto adoption prompts legislative measures remains to be seen.
In conclusion, the increasing rate of crypto adoption in Turkey is reflective of a broader global trend but is particularly pronounced due to the country’s ongoing economic challenges. It raises questions about how governments and financial systems will respond to these rapidly evolving trends.
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