In the face of relentless inflation within Turkey, adults are progressively turning their focus to cryptocurrency investments. A recently conducted survey by a prominent crypto exchange KuCoin, suggests that over half of Turkish adults are now partaking in the crypto market. This marks a significant 12% rise in the number of crypto investors within the last 18 months – a jump from 40% in November 2021 to a striking 52% by May 2023.
These results illuminate the steady interest and acceptance of cryptocurrencies as a bulwark against inflation. This comes at a time when the Turkish lira has seen a staggering depreciation by over 50% against the US dollar. As crypto adoption becomes more commonplace, the demographics of crypto investors within the adult Turkish population have notably diversified.
While male investors represent the majority with a 57% share, their female counterparts have experienced an upsurge in participation rates, particularly within the younger generation. No longer a male-dominated sphere, almost half of crypto investors aged between 18 to 30 are now female. This shift in numbers suggests a narrowing gender gap and the creation of a more balanced playing field.
With a dynamic demographic landscape, the younger Turkish generation leads the charge for crypto investments. Those aged between 31 to 44 make up the dominant cohort at 48%, followed closely by the 18 to 30 age group at 37%. Another striking revelation is that 31% of all crypto investors made their first investment within the past three months, and 54% of investors younger than 30 stepped into the field just last year.
While young investors are exploring the market with new fervor, an established base of older traders continue to hold their ground, with 37% of those over 45 in the game for over two years. This manifests a steady and stable adoption process within this age group.
Motivations and preferences for crypto investments vary across different ages. A compelling 58% of participants across all age groups view long-term wealth creation as their primary goal. Older investors channel their focus on preserving asset value and diversifying portfolios, while younger investors prioritise transaction ease and potential for short-term gains.
When it comes to coin preferences, Bitcoin holds the crown, catching the fancy of 71% of all investors. Ethereum trails, with a 45% overall interest, and a 52% preference among the younger set.
In conclusion, the survey opens a wide window into the evolving landscape of cryptocurrency within Turkey. As the lira teeters, it seems the appeal of virtual currency is mounting, irrespective of gender or generation.
Source: Cryptonews
