KuCoin’s most recent report focused on the crypto trends in Turkey estimated that 52% of the locals aged 18 to 60 have already invested in bitcoin or alternative coins. The figure was 40% in November 2021, indicating that Turks have shown great interest in employing digital assets as a hedge against inflation in the past few years.
The country has been coping with severe economic issues as of late, seeing its national currency plunging to record levels against the US dollar.
Crypto’s Growing Popularity in Turkey
Apart from observing an increased number of cryptocurrency investors in the transcontinental nation for the past year and a half, KuCoin determined that the gender gap has started decreasing, with 47% of the HODLers aged 18 to 30 being women. Overall, men remain dominant at a rate of 57%.
Younger generations are, expectedly, the most active in the crypto space. Investors aged 31 to 44 make up the majority at 48%, followed by those in the 18-30 age bracket (37%).
Almost a third of all crypto participants jumped on the bandwagon in the past three months, illustrating the people’s desire to deal with alternative financial tools to preserve their wealth amidst the current financial turbulence. 33% of investors under the age of 30 have distributed more than 100,000 TL (approximately $3,800) in the market.
The inflation rate in Turkey has been among the highest across the globe lately, while President Erdogan’s controversial policies have not been of big help. In fact, his re-election as a political leader earlier this year led to another crash of the Turkish lira.
As such, it is no wonder locals have shifted their focus to digital currencies such as Bitcoin (BTC) and Tether (USDT) over the past few years. The restrictions on the purchase of foreign currency and even gold with the lira imposed by domestic watchdogs could also be considered significant factors.
KuCoin’s report aligns with the interest displayed by Turks, showing that BTC and stablecoins are among the most popular investment choices in the crypto realm for locals. The second-largest digital asset by market capitalization – Ethereum (ETH) – is also quite trendy.
So Close to Having a Pro-Crypto President
It is safe to assume that the Presidential elections in Turkey in mid-May this year could have affected the local cryptocurrency sector since the two nominees – Recep Erdogan and Kemal Kilicdaroglu – share a completely different vision on the matter.
Erdogan, who has been in charge since 2014, said in 2021 that the government is at war with digital assets and has “absolutely no intention of embracing” them.
“We will not give them such a premium, nor will we. Because we will continue on the road with our money, which is our main identity in this matter,” he stated.
Kilicdaroglu stood at the opposite corner, vowing to aid the advancement of Web3 platforms. He also criticized the central bank’s decision to forbid crypto as a means of payment inside Turkey’s borders.
Despite winning in most big cities, including Istanbul, Ankara, and Izmir, Kilicdaroglu lost the elections. It will be interesting to follow whether Erdogan, who started his third mandate as the President of the country, will remain a basher of the cryptocurrency industry or give the industry some kind of a blessing considering the locals’ interest in it.
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