"Turkey's cryptocurrency adoption rises amidst inflation concerns, with Bitcoin and Ethereum leading the way, according to KuCoin's report."


Worldsfeed Tech Desk: Turkey has seen more people using cryptocurrencies lately, going from 40% to 52% in the past year and a half, according to a report by KuCoin. This shows that more Turks are getting interested in and using cryptocurrencies, likely because they see it as a way to protect their money from inflation. The Turkish lira has lost a lot of its value against the US dollar, so people are looking for alternatives.

This trend is similar to what’s happening in countries like Brazil and Nigeria, where inflation is also a big worry. The report found that 58% of those surveyed are investing in cryptocurrencies to build wealth over time, while 37% see it as a way to keep their money safe. Most people in Turkey prefer Bitcoin, with 71% of investors owning it, followed by Ethereum and stablecoins.

The research also highlighted that more young women in Turkey are getting involved in cryptocurrencies, with 47% of investors in this age group being female. The report suggests that recommendations from friends and family play a big role in convincing people to invest in cryptocurrencies.

In addition to all of this, the Turkish government is looking into creating its own digital currency called the Digital Lira. This shows that Turkey is starting to embrace digital finance.

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