In the 18 months between Nov. 2021 and May 2023, the proportion of Turkish adults who invested in cryptocurrencies grew from 40% to 52%, data from the latest Kucoin report has shown. The report also revealed that 54% of Turkish adults who invested in crypto for the first time in the past year were under the age of 30.
Crypto as a Shield Against Inflation
According to a new Kucoin survey, the proportion of crypto investors among Turkish adults aged between 18 and 60 grew from 40% in Nov. 2021 to 52% by May 2023. The survey findings also show that 31% of Turkey’s crypto investors only made their first crypto investment in the past three months.
As suggested in Kucoin’s report, these findings may indicate that residents in the inflation-hit country are increasingly seeing crypto as a shield against rising prices and a depreciating currency. Commenting on the survey findings, Kucoin CEO Johnny Lyu said:
We are excited to present this comprehensive report that sheds light on the dynami
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