Turkish investors are increasingly favoring cryptocurrencies over traditional assets like real estate and stocks, according to a recent survey by Turkish crypto exchange Paribu.
The “2024 Cryptocurrency Awareness and Perception” survey gathered insights from 2,002 individuals familiar with cryptocurrency, 541 of whom were actively involved in crypto trading.
The study sought to gauge public awareness and perceptions of digital assets while delving into the motivations and obstacles facing cryptocurrency investors.
Turkish Investors Have a Strong Appetite for Crypto
The report’s findings indicate a strong appetite for crypto investments, reflecting broader economic and technological changes in Turkey’s investment climate.
Gold emerged as the top investment choice for 56% of respondents, with foreign currency following closely.
Cryptocurrency, however, was preferred by 30% of participants, a marked rise from previous years.
This places digital assets above traditional investments like real estate, which saw a decline in preference, falling from 30% in 2023 to 26% in 2024.
In contrast, interest in stocks and mutual funds rose modestly from 13% to 18%, though these options still trail behind both real estate and crypto.
According to Nergis Nurcan Karababa, research content manager at Paribu, several factors drive the shift toward cryptocurrencies, including transaction speed, accessibility, and potential for high returns.
“Compared to traditional financial products, crypto assets may experience much higher rates of adoption,” she explained, attributing this to a forward-looking anticipation of cryptocurrency’s role in the future economy.
Karababa noted that growing institutional interest further solidifies cryptocurrency’s appeal as an investment alternative.
The survey also highlights Turkey’s high level of cryptocurrency awareness, with nearly 99% of respondents recognizing digital assets.
This awareness has surged dramatically from just 16% in 2020 to 70% in 2021, a time when cryptocurrency markets reached a historic $3 trillion valuation.
Popular assets like Bitcoin and Ether achieved new all-time highs during this period, further boosting public interest.
By 2022, awareness continued to rise, eventually reaching near-universal levels in 2023 and 2024.
Knowledge About Blockchain Remains Low in Turkey
Despite broad awareness of cryptocurrencies, knowledge about blockchain—the foundational technology behind digital assets—remains relatively limited.
The survey found that 72% of respondents lacked a basic understanding of blockchain, although awareness is slowly growing.
In 2023, 25% of those surveyed recognized blockchain, a slight increase from the previous year.
Among those aware, 67% associate blockchain directly with cryptocurrency applications.
It is worth noting that Turkey substantially influences the global crypto landscape.
The nation ranks as the fourth-largest crypto market worldwide, boasting an estimated trading volume of $170 billion, eclipsing renowned markets like Russia, Canada, Vietnam, Thailand, and Germany.
In August, the Turkish Capital Markets Board (CMB) revealed that a total of 47 cryptocurrency firms have submitted applications for licenses under the recently implemented regulations.
Among the many applicants are renowned exchanges such as Bitfinex, Binance TR, and OKX TR.
However, major platforms like Coinbase, Bybit, KuCoin, MEXC, and Gate.io were absent.
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