The latest data finding showed that crypto adoption surged rapidly in Turkey’s economy amid a struggling phase for the native sovereign currency Lira.
In Turkey, people are free to trade & invest in crypto assets but there are no laws to regulate the crypto sector in this country. As per reports, the inflation rate in this country hit nearly 50% in July 2023. Turkish Lira is continuously losing its value against the dollar and people are trying to invest in US dollar-pegged stablecoins to remain away from high inflation issues.
Recently KuCoin Crypto exchange conducted a survey & found that the crypto adoption surged from 40% to 52% in the last 18 months.
The survey was conducted on 500 people and data findings noted that the majority of the people are moving investment in cryptocurrencies because of their increasing interest and acceptance of crypto as a hedge against inflation.
KuCoin representatives dragged attention toward similar findings research survey conducted on the population belonging to Brazil & Nigeria, facing high inflation issues just like Turkey.
The survey reported that 58% of the respondents said that they invested in cryptocurrencies to accumulate wealth, not for the long term. While 37% said that they invested in the cryptocurrencies from the point of store of value.
Interestingly 71% of respondents said that they invested in Bitcoin, while 45% stated that they invested in Ethereum (ETH) & some other US dollar pegged stablecoins like USDT, USDC, etc.
Crypto aids amid earthquakes
In Feb of this year, many cities in Turkey faced earthquake shocks. Nearly 2,000 people’s lives were affected badly.
At the time, popular Turkish singer Haluk Levent raised donations from the crypto sector, as a huge number of people urged him to accept donations in the form of crypto assets.
At the time, the Binance crypto exchange distributed 100 dollars per Binance customer belonging to Turkey’s earthquake-affected cities.
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