A prominent cryptocurrency exchange, KuCoin, recently released a survey that showed a significant rise in the usage of cryptocurrencies in Turkey, particularly among young women. The Turkish lira has lost value versus the US dollar over the previous 18 months by more than 50%.
According to a study by KuCoin, between 40% to 52% of persons in the 18 to 60 age range now invest in cryptocurrencies. The increase of young women between 18 and 30, 47% of whom currently own cryptocurrencies, is particularly intriguing.
The data indicates that individuals are turning to alternative assets like cryptocurrencies due to the economic unrest in Turkey, which is seen in the lira’s declining value. With a 71% holding rate, Bitcoin seems to be the chosen option. Ethereum is next at 45%, and stablecoins, sometimes viewed as a safer bet in unpredictable markets, are held by 33% of investors.
The trend is notable for its size and represents a change in Turkey’s financial behaviour. Due to increasing inflation and devaluation, traditional financial instruments are becoming less and less appealing. Thus, it appears that people are taking matters into their own hands by investing in cryptocurrencies.
Although it has voiced concerns about the rising popularity of cryptocurrencies, the Turkish government has not yet taken strong measures to regulate the market. We’ll have to wait and watch if this increase in crypto use leads to new laws.
As a result of Turkey’s persistent economic difficulties, the adoption of cryptocurrencies is growing faster than in the rest of the world. It makes one wonder how the financial and governmental systems will react to these quickly changing developments.
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