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Crypto adoption is on the rise in Turkey, a country in the throes of high inflation, according to a research survey conducted by KuCoin. Over the last year and a half, adoption has increased from 40 percent to 52 percent of the Turkish population.
KuCoin—the fifth largest crypto exchange in the world—collected this data based on the survey responses of 500 people, which they analyzed in their latest "Understanding Crypto Users" report.
"Per our findings in Turkey and other previous country reports, for Turkey, the growing number and percentage of crypto investors indicate an increasing interest and acceptance of crypto as a hedge against inflation, especially with the Turkish lira losing over 50% of its value against the US dollar," a KuCoin representative told Decrypt.
The KuCoin representative pointed to similar previous KuCoin reports about Brazil and Nigeria, where inflation is also a massive problem.
According to the survey, 58 percent of respondents said their "primary reason" for investing in cryptocurrency is to "accumulate wealth over the long term," while 37 percent aim to use it as a store of value.
Regarding which cryptocurrencies people are investing in, Bitcoin leads the pack: 71 percent of investors said they own Bitcoin, while 45 percent own Ethereum and other stablecoins.
Although men still are more likely to invest in crypto, young women in Turkey are increasingly investing. 47 percent of crypto investors between the ages 18 and 30 are female. The report indicates that 57% of respondents decided to invest because of word of mouth about its benefits from friends and family.
The Turkish government has been experimenting with a central bank digital currency (CBDC) called the Digital Lira.
"We believe that having a deep and comprehensive understanding of the crypto community is crucial in molding a more encompassing and accountable financial ecosystem," the KuCoin representative said. "As the crypto environment keeps gathering pace, understanding crypto users' actions, inclinations, and driving forces across various regions becomes increasingly essential."