Welcome, and thank you for being part of the MyZucoins community! Let’s get into an interesting piece of crypto, finance, or tech news to stay ahead.
More Than Half Of Turkey Has Turned To Crypto Amid Rapid 50% Currency Devaluation
In response to rapid inflation and the devaluation of the Turkish Lira, over half of Turkey’s adult population is seeking financial refuge in cryptocurrencies.
According to a survey conducted in May 2023 by KuCoin, 52% of Turkish adults between 18 and 60 years old have invested in the digital currency market.
This represents a 12% increase from November 2021.
Young women are particularly attracted to this new investment avenue, with 47% of female crypto investors falling within the 18-30 age bracket.
Cryptocurrencies have become a shelter from the storm of a depreciating Lira, which lost over 50% of its value against the U.S. Dollar during the same period.
Over a third of survey respondents stated that they use cryptocurrencies to protect the value of their assets.
Bitcoin is the most popular choice, drawing in 71% of crypto investors.
Ethereum and stablecoins follow, attracting 45% and 33% of investors respectively (of course, many people hold multiple crypto assets, hence the totals don’t add up to 100%).
The motivations behind these investments vary, with 58% of respondents aiming to build long-term wealth through cryptocurrencies.
Meanwhile, 37% use crypto as a shield to preserve their asset value, and 25% see it as a way to diversify their portfolios or reduce risk.
The survey showed that 22% of users invest in Non-Fungible Tokens (NFTs), 19% participate in HODLing (long-term holding) and staking their crypto on proof-of-stake blockchains, 14% use crypto for gifting, and 13% for peer-to-peer or cross-border money transfers.
Additionally, 8% utilize crypto to donate to non-profit organizations. These statistics highlight the versatile applications of cryptocurrencies and their growing acceptance in daily life. Read more here.
Crypto’s Odd Stability Against Harmful Government And Central Bank Policies
The KuCoin survey’s revelation of a sharp rise in crypto adoption in Turkey, largely due to the rapid devaluation of the Turkish Lira, highlights a significant opportunity for next-generation crypto products like Zucoins.
Citizens seeking to protect their wealth from inflation are turning to digital assets, creating a demand for crypto platforms that are secure, user-friendly and efficient.
Zucoins, with its speedy real-time transaction settlement times and no layer-1 transfer fees, is well-positioned to serve these users, providing an affordable and efficient way to safeguard their wealth.
The popularity of Bitcoin, Ethereum, and stablecoins in Turkey aligns well with Zucoins’ mission to offer a better digital currency experience.
Bitcoin’s dominance could be an opportunity for Zucoins to establish itself as an alternative, particularly given its unique features.
Its truth-based network does away with the need for energy-intensive mining or staking validator pools, potentially appealing to environmentally conscious users.
The increasing interest in non-fungible tokens (NFTs), metaverse, and meme tokens, especially among 31 to 44-year-olds, is another area where Zucoins and its Splitchain network could carve a niche.
By actively supporting these burgeoning sectors and many more everyday kinds of use cases, Zucoins could set itself apart from other cryptocurrencies and attract a broader range of investors.
The various uses of cryptocurrency revealed by the survey also present opportunities for Zucoins to widen its appeal.
The growing acceptance of cryptocurrency as a medium for value transfer, from gifting to peer-to-peer money transfers, also aligns with Zucoins’ two-way transaction feature.
By continuing to highlight unique capabilities such as this, Zucoins has been working to solidify its emerging position in the field, providing a secure and efficient method of value exchange that caters to the evolving needs of its growing user base.
If you liked this newsletter, please forward it to someone who might like it too.
You can also donate here or even buy some Zucoins. Every little bit helps us improve.
What did you think of this newsletter? Reply to send us feedback on what you liked or want to see featured more. There’s more coming, so stay tuned.
—
All the best,
Peter & Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.