Key Takeaways
- KuCoin’s report uncovers a remarkable 12% increase in Turkish adult crypto investors in the past 18 months.
- The rise might be linked to crypto serving as a hedge against the devaluation of the Turkish Lira, which lost over 50% of its value against the US dollar.
- Despite market fluctuations, the report highlights the increasing acceptance of crypto in Turkey, suggesting sustained interest.
Kucoin has released its 15th report in its “Understanding Crypto Users” series. The report focuses on the crypto ecosystem in Turkey. A fascinating insight that surfaced in this report is that there has been a significant increase in crypto investors among Turkish adults. The specific numbers have turned out to be shown as a 12% rise in the last 18 months.
If the nitty-gritty details on the report are checked, it will come to the surface that in November 2021, the number was just 40%. In May 2023, it rose to 52%. What actually happened that led to this rise? Let’s find out.
Data under microscope
In its “Understanding Crypto Users” series, KuCoin aims to understand the trends, preferences, and behavior of crypto investors in Turkey. Through this data, analysts can develop an understanding of the crypto landscape. With this knowledge, trends can be predicted along with the direction of the interest of crypto users. Moreover, from the point of view of a business looking to enter the Turkish market, this data is undoubtedly pivotal.
According to the report, the data has revealed a significant rise in crypto investors within Turkey. This rise indicates a growing interest and acceptance of crypto in Turkey despite the current market conditions.
Crypto as a hedge?
One integral element in this report is that crypto might be a hedge against the devaluation of the Turkish Lira. The country’s currency has lost over 50% of its value against US dollars due to economic and political instabilities in the region. But it remains to be seen if this is actually the case.
This report and the staggering numbers are worth considering in the global crypto community. As Turkish citizens continue pursuing cryptocurrency despite the seeming volatility, it will be essential to see how it turns out in the long run.
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