The Turkish bitcoin environment is still thriving despite the country’s April 2017 statewide ban on cryptocurrency payments, according to the most recent market analysis.
The current research from Gate.io, which outlines the traits of the nation’s crypto industry and the major demographic of individuals active in it, is centered on this terrain.
In spite of Turkey’s prohibition on cryptocurrency payments, which at the time made news, the crypto exchange research revealed that the nation’s investing tactics have not altered.
In this case, keeping money is a possible alternative thanks to cryptocurrency assets and especially stable currencies.
Turkish cryptocurrency transactions increased by 1,500% between 2020 and 2021, according to statistics from Chainanalysis, possibly as a result of customers trying to avoid increasing inflation and declining exchange rates.
3,811,882 crypto users, or 4.5% of Turkey’s population, are currently active, according to tripe-ongoing a’s monitoring of the worldwide crypto market.
Who utilizes cryptocurrencies in Turkey?
The survey from Gate.io found that educated, young to middle-aged men make up the bulk of Turkey’s cryptocurrency consumers.
One in nine users is male, and while 52% have a bachelor’s degree or above, 6% have just completed secondary school.
71% of respondents are between the ages of 25 and 44, while 20% are between the ages of 18 and 24.
With regard to employment positions, 41% are either jobless, freelancers or only work part-time, giving them more free time to pursue a cryptographic specialty.
On the other hand, 58% of investors have steady employment.
There are many different types of Turkish cryptocurrency investors. Construction-related jobs account for 13% of employment, while computer and math-related professions account for 10%.
These users tend to be more knowledgeable about the fundamentals of cryptocurrency and the numerous financial services offered by major exchanges since they work in computer and mathematics-related businesses.
Some people have written their own investment programs as a result of this information.
College students make up approximately 6% of users, which ranks fourth overall among all occupations. This information demonstrates the group of college students’ considerable potential.
What is the investment philosophy of Turkish cryptocurrency users?
The exchange discovered a passion for cryptocurrency investments among college students in particular during user interviews.
Many acknowledged spending their leisure time attending pertinent lectures and learning about the sector, which helped to strengthen their belief in the industry’s future and their place within it.
Speaking of investing views, the majority of Turkish users like medium-risk to medium-return investments the most (44%), followed by high-risk to high-return investments (30%).
The study identified the various user groups’ varying perspectives on investing in cryptocurrencies.
The younger the users, the more aggressive their investment style is, the more high-risk investments they take, and the greater their return expectations are, according to the percentage of high-risk and high-return investments.
Users over 55 have a higher propensity for low-risk, low-return investments than other age groups, but they have the lowest level of concern for capital preservation.
The users’ employment situation will also influence how they feel about investing.