Crypto Adoption Surges in Turkey Amid Ongoing Economic Strife

• A KuCoin survey shows crypto adoption in inflation-stricken Turkey has jumped from 40% to 52% of the population in just 18 months.
• 58% of Turkish crypto investors cited wealth accumulation as their primary goal, with Bitcoin, Ethereum and stablecoins being most widely held.
• Crypto is gaining traction among Turkish citizens as a hedge against economic instability, but the growth of a central bank digital currency could impact decentralization.

A new survey from the KuCoin exchange reveals rapidly rising cryptocurrency adoption in Turkey as the country grapples with sky-high inflation and a plunging national currency.

Over the past 18 months, the percentage of the Turkish population invested in crypto has jumped from 40% to 52%, per KuCoin’s “Understanding Crypto Users” report. The research is based on responses from 500 people in Turkey.

Similar dynamics have driven crypto investment in other high-inflation countries like Brazil and Nigeria, as noted in past KuCoin reports.

Turkish residents invest in crypto for wealth accumulation

The top reasons Turkish respondents cited for owning crypto were wealth accumulation over time, chosen by 58%, and using digital assets as a store of value, selected by 37%.

Bitcoin leads adoption at 71%, trailed by Ethereum at 45%. Stablecoins are also widely held. And while men still dominate, young women are jumping into crypto – 47% of investors aged 18-30 are female.

With Turkey’s economic turmoil showing no signs of abating, citizens appear to be increasingly embracing cryptocurrency as an alternative. But it remains to be seen how growing crypto usage will interact with the Turkish government’s development of a central bank digital currency.

For now, crypto is surging in popularity among Turkish people seeking to protect their financial futures amid unrelenting instability. The KuCoin data reveals citizens rapidly awakening to the possibilities of decentralized money.