A new survey conducted by KuCoin shows that cryptocurrency adoption has risen significantly in Turkey over the past year and a half. According to the survey data, crypto adoption has jumped from 40% to 52% of the Turkish population during this time.
This increased adoption appears to be driven by high inflation in Turkey. The Turkish lira has lost over 50% of its value against the US dollar recently. 58% of survey respondents said their primary reason for investing in crypto was to accumulate long-term wealth. 37% aim to use it as a store of value against inflation.
Bitcoin leads crypto ownership in Turkey, with 71% of investors holding BTC. 45% own Ethereum and other stablecoins. While more men own crypto, women ages 18-30 are adopting at higher rates, now making up 47% of young crypto investors.
Turkey’s government is also experimenting with a central bank digital currency called the Digital Lira. As crypto continues to gain traction globally, understanding regional adoption factors will be key to building an inclusive financial system.
