KuCoin, a prominent cryptocurrency exchange ranked among the top 5 globally by CoinMarketCap, has released its 15th report in the “Into the Cryptoverse: Understanding Crypto Users” series, focusing on the crypto landscape in Turkey. This comprehensive report offers valuable insights into the preferences, behaviors, and trends of adult Turkish crypto investors.

Surging Crypto Investment Among Turkish Adults

The survey reveals a remarkable surge in crypto investment among Turkish adults, with more than half of the population now participating in the crypto market. Over the last 18 months, the percentage of crypto investors in the Turkish population aged 18 to 60 has risen significantly, climbing from 40% in November 2021 to an impressive 52% in May 2023, despite market fluctuations. This signifies a growing interest in and acceptance of cryptocurrencies as a hedge against the devaluation of the Turkish lira, which has lost over 50% of its value against the US dollar.

Source: https://www.kucoin.com/blog

Demographic Shifts in Crypto Investors

While Turkish male investors still dominate the crypto space in Turkey, accounting for 57% of the total, there’s a noticeable trend of increasing female participation, especially among younger generations. Nearly half (47%) of crypto investors aged 18 to 30 are female, suggesting a narrowing gender gap in crypto adoption. In contrast, female crypto investors over the age of 45 represent only 37% of the total.

Source: https://www.kucoin.com/blog

Influence of Young Generations and Personal Connections

Younger generations are the driving force behind the growth of crypto investors in Turkey. The majority comprises individuals aged 31 to 44, accounting for 48%, with investors aged 18 to 30 closely following at 37%. The survey highlights the impact of young people, with 31% of all crypto investors making their initial crypto investments in the last three months and 54% of investors under 30 joining the market in the past year.

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Moreover, personal connections, such as those with friends and family, play a pivotal role in introducing new investors to cryptocurrencies. A substantial 57% of participants learned about crypto through their social circles. Additionally, communities and online platforms provide vital support for crypto adoption, with 35% of respondents indicating their involvement in crypto-related communities. Social media influencers, especially on platforms like YouTube (41%), Twitter (34%), Telegram (29%), and Instagram (19%), also contribute significantly to crypto awareness, particularly among the younger generation.

Johnny Lyu, CEO of KuCoin, expressed his enthusiasm about the report, emphasizing its contribution to understanding the dynamic crypto community in Turkey. The aim is to foster responsible crypto adoption and usage while contributing to the global crypto community’s collective knowledge.

For access to the full report, titled “Into the Cryptoverse: Understanding Crypto Users in Turkey,” click here.

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