Recent data reveals that more than 52% of Turkish adults aged 18-60 now own cryptocurrencies, marking a substantial increase from the 40% reported in November 2021.
Key Insights:
Crypto Adoption on the Rise:
As of May 2023, over half of Turkish adults are crypto owners.
This marks significant growth from 40% in November 2021.
Motivations for Investment:
58% of Turkish crypto users see crypto as a means to accumulate long-term wealth.
37% view crypto as a store of value due to rapid Turkish Lira inflation, with the currency losing over 50% of its value against the US dollar.
Demographic Trends:
Notably, young women aged 18-30 show substantial interest in crypto, with 47% of female crypto investors falling in this age group.
Word-of-mouth recommendations play a crucial role, with 57% of individuals learning about crypto from friends and family.
Crypto Use Cases:
The majority (70%) of crypto users in Turkey engage in cryptocurrency trading.
Additionally, 22% invest in Non-Fungible Tokens (NFTs).
19% hold or stake their crypto assets.
14% use cryptocurrencies for gifting purposes.
13% utilize crypto for peer-to-peer transfers and remittances.
8% donate in cryptocurrencies to non-profit organizations.
Government's Stance:
Turkey is exploring the development of a central bank digital currency known as the Digital Lira.
The Central Bank is actively implementing tighter monetary policies to combat inflation.
The cryptocurrency landscape in Turkey is evolving rapidly, driven by a combination of wealth accumulation goals, economic concerns, and a growing interest among young demographics, particularly women. Additionally, the government's engagement in digital currency experiments and monetary policy adjustments are contributing factors to this trend.