A recent report reveals that people in Turkey are quickly embracing crypto, with most aiming to build wealth in the long term rather than seeking fast profits.
“In the meantime, Turkish Lira has depreciated over 50% against US Dollar, making crypto a haven from inflation,” the statement noted.
Turkey Adopts Buy and Hold Crypto Investment Strategy
KuCoin, a major cryptocurrency exchange, has recently published a report outlining the state of crypto activity and expansion in Turkey.
The report highlights that Q2 2023 witnessed significant adoption, with an average investment of around $3,746 USD. “31% of crypto investors joined in recent quarter and 36% invest over 100K Lira,” the report stated.
The report is based on a survey of 550 adult crypto investors aged 18 to 60 in Turkey. All participants either own or have invested in crypto within the past six months.
The results show that Turkish citizens are focused on the long term rather than attempting to gain quick profits. “58% invest in crypto to grow wealth in the long run, followed by 37% for value storage,” it added.
In terms of crypto of interest, Bitcoin takes the top spot at 71%, followed by Ethereum at 45% and Stablecoins at 33%.
Declining National Currency Shifts Attention Towards Crypto
According to the report, over half of the survey participants (57%) heard about crypto from friends or family, and 35% discovered it through local communities. Meanwhile, it cites the Turkish Lira losing over 50% of its value against the US dollar as a contributing factor, making crypto a “haven from inflation.”
Recent reports reveal that the Turkish Lira has been falling dramatically against the U.S. dollar for quite some time.
The central bank’s monetary policy committee has recently declared its intention to continue tightening monetary policy until the situation is resolved.
“Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved.”