A cryptocurrency exchange called Paribu recently conducted a survey highlighting a noticeable trend in Turkey: a growing preference for cryptocurrencies over traditional investment options such as stocks and real estate.
the The 2024 Cryptocurrency Awareness and Perception Survey included interviews with 2,002 individuals familiar with cryptocurrencies and 541 interviews with those who actively trade in the digital assets market.
Result of encryption scan
While gold remains the top investment choice among Turkish investors, preferred by 56% of survey respondents, cryptocurrencies have gained momentum as the third most preferred asset class, after foreign currencies.
According to the survey results, three out of ten investors view cryptocurrencies as a viable investment, putting them ahead of real estate, which is the third most popular option in 2023.
Real estate preference fell to 26% this year from 30% in 2023, illustrating the shift in attitude among Turkish investors towards digital assets.
The survey results also reveal rising awareness of cryptocurrencies in Türkiye, with nearly 99% of respondents in 2024 having heard of the digital asset. This represents a big jump from previous years, where awareness was recorded at just 16% in 2020, and reaches 70% by 2021 during the cryptocurrency market boom.
With widespread awareness of cryptocurrencies, Türkiye is among the countries with the highest level of public awareness of digital currency. It is worth noting that this increase could be linked to higher inflation rates and the volatility of the lira, which may push the population to search for alternative forms of investment.
There is a catch
Despite great familiarity with cryptocurrencies, understanding of blockchain technology is still limited. According to the survey, 72% of participants admitted that they lack knowledge about blockchain technology.
In contrast, only 25% of those surveyed in 2023 were familiar with blockchain technology, with a modest increase in 2024. Among those familiar with blockchain, 67% acknowledged its role as the core technology behind digital currencies.
This gap in technical knowledge indicates that although there is strong interest in cryptocurrencies as an asset, the underlying technology that supports them is not well understood, suggesting room for potential growth in digital literacy and education.
Overall, the survey results highlight a shift in the financial strategy of Turkish investors, who appear increasingly willing to integrate digital currency into their investment portfolios.
With growing adoption and interest in digital assets, Turkey’s cryptocurrency community is seeing continued momentum in the face of major economic challenges.
Interestingly, Türkiye is not the only place where digital currency has flourished. recently Data Blockchain analytics platform Chainalysis revealed that DeFi-related activities have continued to see an increase in adoption in Eastern Europe.
According to Chainalysis, this sector ranks third in Eastern Europe, where the flow of cryptocurrency value exceeds $160 billion.
Featured image created with DALL-E, chart from TradingView