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Half of Turkish population now owns crypto, survey finds

2min Read

People in Turkey are turning to crypto to secure their wealth in the face of rising inflation and currency depreciation.

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  • 71% of crypto investors in Turkey own Bitcoin while 45% of them own Ethereum.
  • NFTs, Metaverse, and memecoins were also gaining popularity among crypto enthusiasts in Turkey.

More than half of Turkey’s adult population now owns cryptocurrency, as per a recent survey published by KuCoin. People are turning to crypto to secure their wealth in the face of rising inflation and currency depreciation, the report mentioned.

The survey found that crypto adoption has increased from 40% to 52% of the Turkish population in the last 18 months.

About 58% of respondents intend to invest in crypto to generate wealth over time, while 37% intend to utilize it as a store of value.

KuCoin conducted the survey in May 2023 and collected responses from 500 people.

Meanwhile, the Turkish Lira fell by more than 50% against the U.S. Dollar during the same period.

Source: KuCoin

Bitcoin, Ethereum dominate the market

According to the report, 71% of investors in Turkey own Bitcoin, while 45% of them own Ethereum. About 57% of respondents invested in crypto due to word of mouth about its benefits from friends and family.

Non-Fungible Tokens (NFTs), Metaverse, and memecoins were also gaining popularity, particularly among investors aged 31-44.

70% of Turkish crypto owners said they use it for trading, demonstrating a strong interest in using crypto as an investment instrument.

22% of the respondents use crypto to invest in Non-Fungible Tokens (NFTs). 19% were involved in HODLing and staking.

Source: KuCoin

52% of Turkish adults aged 18-60 have invested in cryptocurrency, a 12% rise from 40% in November 2021. This increase was especially noticeable among young women, with 47% of female crypto investors aged 18-30.

14% of the respondents use crypto for gifting. 13% of them use crypto for peer-to-peer (P2P) money transfers and cross-border remittances as it’s faster than traditional payment methods. Around 8% of the respondents use crypto to send donations to non-profit organizations.

The report added that crypto adoption was high in Turkey, as observed in other nations struggling with rapid inflation.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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