Researchers at the cryptocurrency exchange KuCoin conducted a survey among Turkish residents. It turned out that against the backdrop of the falling value of the Turkish lira and high inflation, the demand for digital assets in Turkey is growing.
This is not prevented even by the lack of a legal framework for their regulation. To preserve their savings, local citizens are willing to invest not only in gold and the U.S. dollar, but also in cryptocurrencies. Unlike Western countries, where millennials are more interested in crypto-assets, in 2021 Turkish citizens over 40 years old also began to show strong interest in investing in cryptocurrencies and trading.
About 40 percent of 18- to 60-year-olds surveyed own or have traded cryptocurrencies in the past six months. More than 59 percent of cryptocurrency investors plan to increase their investments in the first half of 2022. One in four traders surveyed has been trading cryptoassets for more than a year. The KuCoin report notes that women are increasingly becoming participants in the cryptocurrency market in Turkey, and they know about trading and investing just as well as men. 47% of women invest in cryptocurrencies, while the remaining 63% are interested in them.
Turkish residents investing in cryptocurrencies pay special attention to staplecoins, cryptocurrency derivatives and metacurrency projects. USDT Stablecoin, which provides access to the U.S. dollar, is supported by all cryptocurrency platforms and is also used in spot and futures trading, is in good demand among the Turkish population. Survey participants cited cryptocurrency futures and options as important risk management tools when dealing with volatile assets.
When choosing a platform for trading digital assets, 70% of respondents evaluate its security and stability. For 66% of respondents, the convenience of making a deposit in fiat currencies and withdrawal of funds is an important criterion. 65% of respondents focus on the user interface and usability on all devices. For 63% of traders the variety of traded coins is important, and for 55% of users the liquidity of transactions becomes the determining factor.
Last year, due to the collapse of the Turkish lira and the increased interest of local citizens in cryptocurrencies, bitcoin exchange rates on Turkish peering platforms rose to $100,000. A recent YouGov survey found that 77% of Saudi residents are also well aware of cryptocurrencies, but only 18% of Saudi citizens trade them.