Crypto adoption in Turkey is on the rise, as evidenced in a KuCoin research survey. It revealed that over the past year and a half, the number of adopters increased from 40% to 52% of the population. KuCoin, the fifth largest crypto exchange in the world, collected the data from 500 people and analyzed it in its latest “Understanding Crypto Users” report.

According to a KuCoin representative, the results of the survey and similar previous ones from Brazil and Nigeria point to crypto being used as a hedge against inflation. In Turkey, the lira has lost over 50% of its value against the US dollar.

The primary purpose for investing in crypto, according to 58% of the respondents, is to accumulate wealth in the long term. 37% said they use it as a store of value. Regarding which cryptocurrencies people are investing in, Bitcoin dominates with 71% of investors owning it, while 45% own Ethereum and other stablecoins.

The report also indicates a rising trend in young female crypto investors in Turkey. 47% of those between 18 and 30 years old are women. Furthermore, 57% of respondents said they decided to invest because of word of mouth about its benefits from friends and family.

The Turkish government has been exploring a central bank digital currency (CBDC) called the Digital Lira. KuCoin believes understanding the crypto community is key in forming a more encompassing and accountable financial ecosystem. As the crypto environment keeps gaining momentum, it is essential to understand the users’ actions, motivations, and driving forces across different regions.