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KuCoin’s most recent report revealed that the interest in cryptocurrencies in Turkey has been growing rapidly in the past year and a half. The report estimated that 52% of the locals aged 18 to 60 have already invested in bitcoin or alternative coins, compared to 40% in November 2021. This increase in crypto investors is likely due to the country’s severe economic issues, which have caused its national currency to plunge to record levels against the US dollar.The gender gap in crypto investors has also started to decrease, with 47% of the HODLers aged 18 to 30 being women. Younger generations are the most active in the crypto space, with investors aged 31 to 44 making up the majority at 48%, followed by those in the 18-30 age bracket (37%).Almost a third of all crypto participants have jumped on the bandwagon in the past three months, illustrating the people’s desire to deal with alternative financial tools to preserve their wealth amidst the current financial turbulence. 33% of investors under the age of 30 have distributed more than 100,000 TL (approximately $3,800) in the market.The Presidential elections in Turkey in mid-May this year could have affected the local cryptocurrency sector, as the two nominees had different views on the matter. Erdogan has been vocal about his opposition to digital assets, while Kilicdaroglu vowed to aid the advancement of Web3 platforms. Despite winning in most big cities, Kilicdaroglu lost the elections. It remains to be seen whether Erdogan will remain a basher of the cryptocurrency industry or give the industry some kind of a blessing considering the locals’ interest in it.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇹🇷
Sentiment	neutral
Relevance Score	8
People	Recep Erdogan, None, Kemal Kilicdaroglu
Companies	Recep Erdogan, Turkish lira, PrimeXBT, KuCoin, Binance
Currencies	Tether, US Dollar, Turkish Lira, Ethereum, Bitcoin
Securities	None