A cryptocurrency exchange called Paribu recently conducted a survey highlighting a notable trend in Turkey: an increasing preference for crypto over traditional investment options corresponding to stocks and real estate.
The “2024 Cryptocurrency Awareness and Perception Survey” survey involved interviews with 2,002 individuals conversant in crypto and 541 interviews with those actively trading within the digital asset market.
Result Of The Crypto Survey
While gold stays the highest investment selection amongst Turkish investors, preferred by 56% of survey participants, cryptocurrencies have gained traction because the third most favored asset class, following foreign currency.
In accordance with the survey findings, three out of ten investors view digital currencies as a viable investment, positioning it ahead of real estate, the third hottest selection in 2023.
Real estate preference dropped to 26% this 12 months from 30% in 2023, illustrating the shifting attitude amongst 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 big jump from previous years, with awareness recorded at just 16% in 2020, and reaching 70% by 2021 throughout the crypto market boom.
With crypto awareness now widespread, Turkey is among the many countries with the best public awareness of digital currency. Notably, this increase might be tied to high inflation rates and a fluctuating lira, which can drive the population to hunt alternative investment forms.
There’s A Catch
Despite high familiarity with digital currencies, understanding of blockchain technology stays limited. In accordance with 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. Amongst those conversant in blockchain, 67% recognized its role because the underlying technology behind digital currencies.
This gap in technical knowledge suggests that while there’s a robust interest in cryptocurrency as an asset, the foundational technology that powers it will not be as well understood, indicating an area for potential growth in digital literacy and education.
Overall, the survey results highlight a shift within the financial strategy of Turkish investors, who seem like increasingly willing to include digital currency into their portfolios.
With growing adoption and interest in digital assets, Turkey’s digital currency community sees ongoing momentum within the face of major economic challenges.
Interestingly, Turkey isn’t the one 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.
In accordance with Chainalysis, this sector ranks third in Eastern Europe, with digital currency value flow at over $160 billion.
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