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A cryptocurrency exchange called Paribu recently conducted a survey highlighting a notable trend in Turkey: an increasing preference for crypto over traditional investment options such as stocks and real estate.
The “2024 Cryptocurrency Awareness and Perception Survey” survey involved interviews with 2,002 individuals familiar with crypto and 541 interviews with those actively trading in the digital asset market.
Result Of The Crypto Survey
While gold remains the top investment choice among Turkish investors, preferred by 56% of survey participants, cryptocurrencies have gained traction as the third most favored asset class, following foreign currency.
According to the survey findings, three out of ten investors view digital currencies as a viable investment, positioning it ahead of real estate, the third most popular choice in 2023.
Real estate preference dropped to 26% this year from 30% in 2023, illustrating the shifting attitude among Turkish investors toward digital assets.
The survey findings also reveal that awareness of crypto in Turkey has surged, with nearly 99% of respondents in 2024 having heard of digital assets. This marks a significant jump from previous years, with awareness recorded at just 16% in 2020, and reaching 70% by 2021 during the crypto market boom.
With crypto awareness now widespread, Turkey is among the countries with the highest public awareness of digital currency. Notably, this increase could be tied to high inflation rates and a fluctuating lira, which may drive the population to seek alternative investment forms.
There’s A Catch
Despite high familiarity with digital currencies, understanding of blockchain technology remains limited. According to the survey, 72% of respondents admitted they lacked knowledge about blockchain.
In contrast, only 25% of those surveyed in 2023 were aware of blockchain technology, with a modest increase in 2024. Among those familiar with blockchain, 67% recognized its role as the underlying technology behind digital currencies.
This gap in technical knowledge suggests that while there is a strong interest in cryptocurrency as an asset, the foundational technology that powers it is not as well understood, indicating an area for potential growth in digital literacy and education.
Overall, the survey results highlight a shift in the financial strategy of Turkish investors, who appear to be increasingly willing to incorporate digital currency into their portfolios.
With growing adoption and interest in digital assets, Turkey’s digital currency community sees ongoing momentum in the face of major economic challenges.
Interestingly, Turkey isn’t the only place where digital currency has thrived. Recent data from blockchain analytics platform Chainalysis reveals that activities related to decentralized finance have continued to see a surge in adoption in Eastern Europe.
According to Chainalysis, this sector ranks third in Eastern Europe, with digital currency value flow at over $160 billion.
Featured image created with DALL-E, Chart from TradingView
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