Women are the future of men…and maybe of cryptos! – Beyond the hackneyed clichés about the role of women at home and in the corporate world, a new generation of female citizens is rising. Strong, educated and independent, they are taking control of their destiny and their wallets. In 2021, Robinhood and Cointelegraph had already noted a rise in female presence in cryptos, a new survey confirms it. If the poet is always right, let’s bet that the future will be as feminine as possible. Let’s head to the shores of the Bosphorus to observe the phenomenon.
Turkey has good reasons to turn to cryptos
Despite a glaring lack of a clear regulatory framework, Turkey is among the top five countries using cryptocurrencies. The most obvious reason is the currency crisis that has been rocking the country for years. The lira has been steadily losing value against other world currencies – including a 36% drop against the dollar. This inevitably leads to out-of-control inflation and to try to save their savings, Turks – and Turkish women – are turning to different assets such as gold, the dollar or…cryptos!
The platform Kucoin released a study last January on the profiles of its users in Turkey. Kucoin divides them into two categories: investors and the curious. We learn that roughly 40% of the population between 18 and 60 years old own or have owned one or more cryptos. It also states that 59% of investors are considering increasing their exposure to cryptos in 2022. The study also highlights a strong appeal for stablecoin and Tether in particular. This is for different reasons that I invite you to detail here. Here is an illustration that summarizes some of the results.
Infographic made by Kucoin to summarize part of the results of their latest study on crypto users in Turkey. It shows a significant representation of women and that’s good news!
Women outnumber men as crypto-curators
In the investor category, they represent 47% of those surveyed. We can easily imagine that in a few years parity will be reached. While we still too often imagine a trader as a man in a suit and tie like The Wolf of Wall Street, we will have to quickly change our software … because women are also getting involved! When it comes to the profile of crypto-curious, it is even more striking. They are 63% to declare themselves as such. Turkish women are thus greatly involved in the management of their portfolios and have decided to expose it to crypto-currencies. It is difficult here to draw cultural or civilizational conclusions from a simple study, but it is clear that mentalities are changing.
It also emerges from this study that the average age of buying cryptos in Turkey is higher than in Western countries. The over 40s are more concerned than the young, whereas in Europe and the United States it is the millennials and young people in general who are driving the market. The movement seems more thoughtful in Turkey. Investors and the curious are turning to cryptos for rational reasons given the country’s economic situation. It is not a simple speculative bet as too often in the West but a hedge on the global economy.
Jean Ferrat sang “Love to lose the reason”, I have the impression that the Turks start to love the cryptos with a lot of rationality! Kucoin confirms with this study a paradigm shift in some countries hit hard by violent inflation. The people have decided to take charge with the tools at their disposal, Bitcoin and cryptos being one of them. The authorities seem to be undecided and are currently looking for a course of action, as are many of the world’s legislators.
