Originally published on: November 01, 2024
A recent survey conducted by the cryptocurrency exchange Paribu has uncovered a notable trend among investors in Turkey – a growing preference for cryptocurrencies over traditional investment avenues such as real estate and stocks.
Dubbed the “2024 Cryptocurrency Awareness and Perception Survey,” the study aimed to shed light on the evolving crypto landscape in Turkey. With 2,002 interviews conducted with individuals knowledgeable about cryptocurrencies and 541 interviews with active traders, the survey delved into the country’s awareness, perceptions, expectations, motivations, and barriers surrounding digital assets.
Among the key findings of the survey was the revelation that a significant portion of participants, 56% to be exact, identified gold as their top choice for saving or investing, followed by foreign currency. Notably, cryptocurrency emerged as the third preferred investment option, favored by three out of every ten investors surveyed.
Interestingly, the survey highlighted a shift in preferences from the previous year, with real estate losing ground to cryptocurrencies. The data showed that while real estate was favored by 30% of participants in 2023, this figure dropped to 26% in 2024, propelling cryptocurrencies above traditional property investments. Meanwhile, the preference for stocks and mutual funds saw a slight increase from 13% in 2023 to 18% in 2024, albeit remaining behind real estate.
According to Nergis Nurcan Karababa, the research content manager at Paribu, factors such as transaction speeds, accessibility, and the high return potential of cryptocurrencies are driving users towards this asset class. Karababa noted that the increasing interest from institutional players is further fueling this trend, signaling a growing adoption of cryptocurrencies in the investment realm.
Despite the growing interest in cryptocurrencies, the survey revealed a lack of awareness regarding blockchain technology among Turkish investors. A staggering 72% of respondents admitted to being unfamiliar with blockchain, highlighting a gap in understanding the fundamental technology behind cryptocurrencies. However, there is a silver lining, as awareness of blockchain saw a modest increase from 25% in 2023 to 28% in 2024, indicating a gradual shift towards greater knowledge of this underlying technology.
While crypto continues to gain traction as an investment tool, blockchain remains a mystery to many investors, viewed more as a complex infrastructure than a tangible product. Karababa emphasized the need for increased education and awareness around blockchain technology, suggesting that a deeper understanding of this foundational technology could further bolster confidence among investors in the crypto space.
As the crypto market continues to evolve and gain mainstream acceptance, Turkish investors are navigating this dynamic landscape with a keen eye on digital assets, signaling a broader shift in investment preferences towards the realm of cryptocurrencies.
