In the 18 months between Nov. 2021 and May 2023, the proportion of Turkish adults who invested in cryptocurrencies grew from 40% to 52%, data from the latest Kucoin report has shown. The report also revealed that 54% of Turkish adults who invested in crypto for the first time in the past year were under the age of 30.

Crypto as a Shield Against Inflation

According to a new Kucoin survey, the proportion of crypto investors among Turkish adults aged between 18 and 60 grew from 40% in Nov. 2021 to 52% by May 2023. The survey findings also show that 31% of Turkey’s crypto investors only made their first crypto investment in the past three months.

As suggested in Kucoin’s report, these findings may indicate that residents in the inflation-hit country are increasingly seeing crypto as a shield against rising prices and a depreciating currency. Commenting on the survey findings, Kucoin CEO Johnny Lyu said:

We are excited to present this comprehensive report that sheds light on the dynamic crypto community in Turkey. Through ‘Into the Cryptoverse: Understanding Crypto Users in Turkey,’ we aim to contribute to a more informed crypto landscape and encourage the responsible adoption and use of cryptocurrencies.

Lyu said his team is hopeful that the report will help trigger what he called meaningful discussions as well as add to the global crypto community’s collective knowledge.

Young Turks Showing an Increased Interest in Crypto

Meanwhile, the same Kucoin report asserts that the number of the country’s new crypto investors includes a significant number of young Turks. To support this assertion, the report revealed that 54% of Turkish adults who invested in crypto for the first time in the past year are under the age of 30. In addition to accounting for more than half of the new crypto investors, a significant proportion of younger Turks are heavily invested.

“Despite being less experienced in crypto investment, a considerable percentage (33%) of young investors below [the] age of 30 are investing over 100,000 Turkish Lira [$3,700], indicating their willingness to commit substantial funds to the crypto market. The increasing interest of young investors and the participation of older generations further underline the expanding acceptance of crypto in the country’s investment landscape,” the report said.

With respect to digital assets that Turks prefer, the survey findings show bitcoin (BTC) as the crypto asset that is most favoured (71%) by the survey respondents. Ethereum is in second place “with 45% of overall and 52% of young investors indicating an interest

in investing in it.” Stablecoins are in third place with 33%.

On how Turks use crypto, the survey found that the majority of the respondents (70%) use these for trading while 22% use their digital assets to buy non-fungible tokens (NFTs).

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