Over 50% Of Turkey’s Population Invests In Crypto
According to a new research, Turkish citizens are increasingly embracing cryptocurrencies, with the majority preferring to accumulate money over the long term over making quick gains.
According to the statement, the Turkish Lira has lost almost 50% of its value versus the US Dollar in the interim, making cryptocurrencies a shelter from inflation.
KuCoin’s report on Turkish crypto activity and expansion shows significant adoption in Q2 2023, with an average investment of $3,746 USD. A survey of 550 adult crypto investors aged 18 to 60 in Turkey revealed 31% joined in the last quarter and 36% invested over 100K Lira.
Turkish citizens are increasingly investing in crypto for long-term wealth growth, with 58% investing in it for value storage and 37% for short-term gains. Bitcoin leads the list with 71% of interest, followed by Ethereum at 45% and stablecoins at 33%. The report found that 57% of Turkish survey participants heard about crypto from friends or family, and 35% discovered it through local communities. The Turkish Lira’s recent decline against the US dollar has made it a “haven from inflation.” The Central Bank of the Republic of Turkey’s monetary policy committee plans to continue tightening monetary policy until a significant improvement in the inflation outlook is achieved.
(With inputs from Shikha Singh)
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