A new study from the crypto exchange KuCoin suggests that over half of all adults in the country of Turkey own digital assets.
KuCoin says that in the last 18 months, crypto investing has increased from 40% to 52% in Turkey, with a rising trend in female participation.
“While male investors still dominate at a rate of 57%, there is a rising trend of womens participation, particularly among the younger generation. Almost half (47%) of crypto investors aged between 18 and 30 are female. This indicates a decrease in the gender gap as crypto adoption becomes more widespread, with female crypto investors over the age of 45 accounting for only 37% of the total.”
According to KuCoin’s study, 31% of Turkey’s new crypto investors joined the market within the last quarter, while 36% of the adults polled have invested more than 100,000 liras, which at time of writing, is worth about $3,745.
About 37% of investors over the age of 45 have been investing in crypto for more than two years, which KuCoin says suggests that crypto has undergone a stable adoption process in Turkey.
The report says that 58% were motivated by “future wealth,” 37% by “value storage,” 25% by “portfolio diversification,” 34% by “ease of transfers,” and 17% by “quick profit and excitement.”
Bitcoin (BTC) currently dominates the attention of investors in Turkey at 71% of survey respondents, followed by Ethereum (ETH) and stablecoins.
“Stablecoins reflect a demand for reliable digital assets for trading, transferring, and preserving value, attracting interest from 33% of investors.”
In the last ten years, the Turkish lira has virtually lost all of its value versus the dollar and the country saw inflation rise to as high as 85% in 2022.
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This article was originally reported on The Daily Hodl.