2021 KuCoin report on crypto in Turkey: highlights

Despite the lack of crypto regulation in Turkey, it remains a crucial country for adoption of this asset class. KuCoin’s (KCS/USD) 2021 survey for Turkey confirmed rising interest in cryptocurrencies, among women and older people in particular. Amid a financial crisis, the demand for digital assets is growing.

Mass adoption of cryptocurrencies remains on track

Around two-fifths of internet users aged 18-60 either own cryptocurrencies or have traded them in the past six months. Just under 60% of crypto investors state they plan to increase their exposure in the first half of 2022.

Just 25% of those surveyed have traded crypto assets for over a year. According to KuCoin, this is a sign that more educational efforts are needed to ensure security and stability of the market.

Women catching up to men

Women have become almost as well-represented as men in crypto trading and investing. The ratio of female to male investment accounts is 47%-53%. 63% of women are crypto-curious compared to 37% of men.

Age is just a number

When it comes to cryptocurrencies in Turkey, that is. Assets like Bitcoin (BTC/USD) seem designed for younger people in the West, but in Turkey, people over 40 are showing a substantial interest in trading or investing in cryptocurrencies.

Turkish residents who invest in crypto focus on three main concepts:

• Metaverse projects
• Stablecoins
• Derivatives

Turkey is no exception to the metaverse trend

Metaverse projects are hot globally. Investors show a growing interest in trading project tokens even though they can be extremely volatile in the early stage of Metaverse development.

Demand for stablecoins is self-evident

The demand for stablecoins is self-explanatory as it provides exposure to the USD in digital format through Tether’s USDT. USDT is also a highly liquid asset, which almost every trading platform in the world supports. It’s used in spot and futures trading too.

Derivatives are essential to risk management

Last but not least, derivatives — futures and options — are critical risk management tools when dealing with volatile assets.

Alternative investment solutions are becoming more popular

Inflation in Turkey is at record highs and the Turkish lira has lost nearly half of its value. Consumers are turning to alternatives to avoid the dropping buying power of their savings in lira. Gold and the USD remain favorable options as well.

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