KuCoin, one of the crypto exchanges, conducted a survey of crypto money investors in Turkey. Although there is no specific regulation for Bitcoin and altcoins in Turkey for now, the interest and adoption rate of citizens in this field is quite high. KuCoin’s investor research for 2021 shows that there is an increasing interest in crypto among women and the older generation in Turkey.
Striking details for Turkish investors in the KuCoin survey
One of the most important reasons behind the increasing interest is the current economic problems. The Turkish lira lost almost half of its value and inflation soared. While the purchasing power of TL investors decreased, people who wanted to avoid losses flocked to alternative investments. While the US dollar and gold are among these options, investment demand and demand for cryptocurrencies are also increasing. The 2021 KuCoin report reveals some striking details about investor trends in Turkey.
First of all, looking at the age range, it shows that about 40 percent of the citizens between the ages of 18 and 60 who participated in the survey are crypto money investors or have traded crypto in the last six months. Also, 59 percent of survey respondents say they will increase their investment in cryptocurrencies in the first half of 2021. With the explosion of cryptocurrencies in 2021, it has become a trend in our country, and this has caused many people to enter this field.
According to the KuCoin survey, one in four traders has been trading cryptocurrencies for more than a year. According to KuCoin, this indicates that more education is needed to ensure the market remains safe and stable.
Women stand out in the cryptocurrency space
One of the most important results of the report can be seen as the increase in the number of female crypto money investors in Turkey. According to the data, female-owned crypto accounts in trade and investment represent 47 percent of the total. Among cryptocurrency enthusiasts, there are 63 percent women. While cryptocurrencies are mostly suitable for younger generations in the West, the number of investors over the age of 40 in our country seems to have increased in 2021 and beyond.
According to KuCoin, Turkish citizens investing in cryptocurrencies are especially paying attention to stablecoins, derivatives and metaverse projects. Since stablecoins are cryptocurrencies with a 1:1 peg to the US dollar; It seems normal that the demand for stablecoins is rising as the demand for US dollar investment increases. Tether (USDT), for example, is supported by many platforms worldwide and is highly liquid. It is widely used in derivatives, options, spot and futures.
Metaverse domain booming in Turkey
In the last months of last year, Facebook, one of the largest companies in the world, announced that it changed its name to “Meta” and will focus on the metaverse field from now on. With this announcement, the concept of the metaverse became a trend worldwide, and gained momentum in cryptocurrencies. Investors in Turkey also seem to be following this trend closely. According to KuCoin, investors are showing a great interest towards metaverse tokens. According to the data of the stock market, throughout 2021, Turkish investors bought and sold the metaverse coin Bloktopia (BLOK) on KuCoin. BLOK became the third most traded coin in Turkey, and Verasity became the eighth coin.
What do investors want? What does KuCoin provide?
70 percent of respondents highlight the importance of security and stability. KuCoin is quite famous in this respect. Even though it was hacked in 2020, it recovered 84 percent of the funds and quickly covered other losses from its funds. Users also rank the ease of depositing and withdrawing fiat money as an important factor for exchanges. In this respect, KuCoin has integrated various convenient payment methods while supporting many fiat currencies to facilitate users’ work.
Apart from that, 65 percent of respondents emphasize the importance of user interface. KuCoin offers users a fluent experience in this regard. 63 percent of respondents also want a variety of tradable cryptocurrencies. KuCoin has over 640 tokens and over 1,100 trading pairs. For 55 percent of users who care about trading liquidity, KuCoin supports many currencies and pairs and offers a wide order book. KuCoin’s daily trading volume is around $1.5 billion. As will be seen later in the report, KuCoin continues to strive to provide the most convenient experience for users.
More about KuCoin
Launched in September 2017, KuCoin serves more than 10 million users in 207 countries and offers trading for more than 640 cryptocurrencies. Besides spot trading, the exchange also offers margin, P2P fiat, futures, staking and lending services. Having collected $20 million from IDG Capital and Matrix Partners in 2018, KuCoin is among the top five cryptocurrency exchanges on CoinMarketCap. It is also worth noting that Forbes has rated KuCoin as one of the best exchanges.
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