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A recent report highlights that people in Turkey are rapidly embracing cryptocurrencies and most of them aim to build a portfolio with high returns in the long run rather than making quick profits. The report emphasizes that the decline of the Turkish Lira by over 50% against the US Dollar has turned cryptocurrencies into a safe haven against inflation.
Cryptocurrency Usage in Turkey
KuCoin, a major cryptocurrency exchange, recently published a report summarizing the state of crypto activities and expansion in Turkey. The report emphasizes that the second quarter of 2023 had significant adoption with an average investment of $3,746.
The report highlights that 31% of crypto investors participated in the market in the last quarter, while 36% invested over 100,000 Turkish Lira. The report is based on a survey conducted with 550 adult crypto investors aged between 18 and 60 in Turkey. It emphasizes that all participants either owned or invested in cryptocurrencies in the last six months.
The results show that Turkish citizens focus on the long term rather than trying to make quick profits. 58% of the participants invest in cryptocurrencies to increase their long-term wealth, while 37% invest for wealth preservation purposes. When it comes to popular cryptocurrencies, Bitcoin leads with 71%, followed by Ethereum with 45% and stablecoins with 33%.
Declining National Currency Drives Attention to Crypto
According to the report, over half (57%) of the participants from Turkey heard about cryptocurrencies from their friends or family, while 35% discovered them through local communities. Meanwhile, the decline of the Turkish Lira by over 50% against the US Dollar is considered a factor that turns cryptocurrencies into a “safe haven” against inflation.
Recent reports indicate a significant decline of the Turkish Lira against the US Dollar. The Central Bank of the Republic of Turkey’s Monetary Policy Committee recently announced its intention to continue tightening monetary policy until the situation improves:
“Monetary tightening will be strengthened timely and gradually to the extent necessary until a significant improvement in the inflation outlook is achieved.”
