VICTORIA, Seychelles–(BUSINESS WIRE)–Turkey is a crucial region for cryptocurrency adoption despite the lack of a regulatory framework for these assets. The KuCoin survey for Turkey in 2021 confirms that interest in cryptocurrencies continues to grow, especially among women and older generations. The demand for digital assets is increasing amid an ongoing financial crisis in the country.
Specifically, the Turkish lira has lost nearly 50% of its value, and inflation is running wild in the country. To avoid the decline in purchasing power associated with savings in lira, consumers are turning to alternative investment solutions. The US dollar and gold remain favorable options, but overall demand for cryptocurrency exposure is growing.
The 2021 KuCoin Turkey Crypto Report and Survey highlights some interesting trends. The first observation is how the mass adoption of cryptocurrencies remains on track. About 40% of the Internet population between the ages of 18 and 60 own cryptocurrencies or have traded such assets in the past six months. Additionally, 59% of crypto investors will increase their exposure in the first half of 2022.
Cryptocurrencies have come into vogue for most Turkish residents for the first time, leading many new traders to explore the waters over the past semester. Moreover, only one in four traders have been trading crypto assets for more than a year. KuCoin identifies this as a sign of a need for more educational efforts to ensure the market remains safe and stable.
One of the key takeaways from the KuCoin report is how women in Turkey are getting involved in crypto. Specifically, they are almost as well represented as men in the trading and investing segment. Female accounts represent 47% of investors and 63% of crypto curious.
Age doesn’t matter when it comes to cryptocurrencies. In the West, Bitcoin and similar assets seem designed for millennials and younger generations in general. In Turkey, consumers over 40 show growing interest in investing or trading cryptocurrencies throughout 2021 and beyond.
Turkish residents who invest in cryptocurrencies pay attention to three main concepts:
The demand for stablecoins makes sense, as it provides exposure to the US dollar in digital format through Tether’s USDT. Moreover, USDT is a very liquid asset supported by almost all trading platforms in the world and is also used in spot and futures trading. Moreover, derivatives – futures and options – are essential risk management tools when dealing with volatile assets.
Metaverse projects are a hot trend around the world, and Turkey is no exception. Although these assets may experience extreme volatility at this early stage of Metaverse’s development, investors are showing increasing interest in trading project tokens. Bloktopia is the third most traded asset on KuCoin in Turkey throughout 2021, while Verasity is also in the top eight.
For crypto exchanges like KuCoin, it is essential to gauge consumer sentiment against what they are looking for when selecting a trading platform.
- Security and stability matter to 70% of respondents. KuCoin has a solid reputation on this front and rebounded relatively quickly from a 2020 hack by recovering 84% of stolen funds and covering other losses to its funds.
- The convenience of Fiat deposits and withdrawals is important to 66% of users. KuCoin supports many different fiat currencies and several convenient payment methods to make reloading and withdrawing from an account simple and convenient.
- The user interface is essential for 65% of respondents. KuCoin’s user interface is simple and easy to navigate on all devices for a streamlined experience.
- The variety of exchangeable coins makes the difference for 63% of traders. The KuCoin platform offers exposure to over 640 coins and over 1,100 trading pairs, giving users plenty of options.
- The liquidity of transactions is a determining factor for 55% of users. KuCoin has a large order book supporting dozens of currencies and trading pairs. Additionally, the platform has a daily trading volume of around $1.5 billion.
KuCoin continues to strive to tick all of these boxes and more to provide the best experience for all users. Please visit the KuCoin blog for the full report.
Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 640 digital assets. It currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking and lending to its 10 million users in 207 countries and regions around the world. In 2018, KuCoin secured $20 million in Series A funding from IDG Capital and Matrix Partners. According to CoinMarketCap, KuCoin is currently the top 5 crypto exchange. Additionally, Forbes named KuCoin as one of the best crypto exchanges for 2021. In 2022, The Ascent named KuCoin the best crypto exchanges and apps for enthusiasts.
To learn more, visit https://www.kucoin.com.
You can also visit our Turkish site: https://www.kucoin.com/tr.